According to ChainCatcher, Oregon passed Senate Bill 167, incorporating digital assets into the Uniform Commercial Code (UCC). The bill was signed into law by Governor Tina Kotek on May 7.
The new bill introduces UCC Section 12, which explicitly defines the legal definitions of crypto assets, tokenized records, and electronic money, and amends Section 9 to allow digital assets to be used as collateral in transactions.
The bill updates several UCC provisions, recognizing electronic records, electronic signatures, and hybrid transaction forms, supporting digital commercial activities. Transitional provisions ensure the legality of transactions prior to the new rules taking effect and provide a one-year compliance adjustment period.
Oregon has introduced another blockchain-related House Bill 2071, which is currently in the early stages of legislation.