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- Oregon adopted the Senate 167 bill to update commercial laws and include digital assets in the UCC.
- The new law makes it possible to use digital assets as guaranteed and recognizes electronic records and signatures.
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Oregon has promulgated Bill 167 of the Senate, updating state trade laws to integrate digital assets into the Uniform Commercial Code (UCC).
The legislation, signed by Governor Tina Kotek on May 7, presents article 12 of the UCC, which creates a legal framework for digital assets, including cryptographic assets, tokenized files and electronic money.
The bill modifies article 9 to allow digital assets to be used as a guarantee in guaranteed transactions. It also updates several UCC items to recognize electronic recordings, signatures and hybrid transactions to support digital trade.
The new law includes transition provisions which maintain the validity of the transactions carried out before the date of entry into force of the law and provide a period of one year for existing security interest to comply with new regulations.
Before these changes, there was a legal uncertainty about how digital assets are part of existing commercial laws, in particular when used as guaranteed or transferred between the parties. UCC changes clarify how the rights of these assets can be legally controlled, perfected and applied.
In addition to the SB 167, Bill 2071 of the Chamber is another bill linked to the crypto presented in Oregon.
This proposed legislation focuses on blockchain and digital asset rights. It aims to protect and promote the use of bitcoin and other digital assets in the state by limiting regulatory obstacles and clarifying the legal framework for blockchain -based activities.
Some of the protruding facts of the bill include a prohibition on the governments of states and premises to restrict or harm the ability of a person to accept digital assets as payment of lawful goods and services, as well as the right to carry out peer transactions via blockchain networks or digital assets.
The bill is still in the early stages of the legislative process and has not yet advanced a vote in the House or the Senate.
Unlike most American states, Oregon legislators have not offered any bill to create a Bitcoin de State reserve to date.
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