**Oregon Officially Recognizes Digital Assets: Bill SB 167 Passed**
The state of Oregon has passed Bill SB 167, updating the Uniform Commercial Code to include digital assets such as cryptocurrency. This law aims to provide legal clarity, recognizing digital assets as legally collateralizable property and specifying regulations regarding control, transfer, and priority.
Specifically, SB 167 integrates digital assets into the legal system by regulating related provisions on controllable electronic records, defining control rights, transfer processes, and priority rules. The law also updates provisions related to electronic transactions to ensure compatibility with digital assets.
This move not only facilitates transactions involving cryptocurrency but also opens up opportunities for the development of the digital asset market in the state of Oregon. The law will take effect one year after its passage, expected in 2025.