Oregon’s Senate Bill No. 167
On May 7, Governor Tina Kotek of Oregon enacted Senate Bill No. 167 (SB 167), marking significant advancements in the state’s approach to digital assets within its business framework. This legislation introduces important modifications to the Uniform Commercial Code (UCC), particularly establishing UCC Article 12.
Key Features of SB 167
This new article aims to create a comprehensive legal structure for cryptocurrencies, electronic currencies, and tokenized records. A key aspect of this update allows digital assets to serve as collateral in mortgage agreements by amending UCC Article 9.
In addition to these provisions, the regulations affirm the legitimacy of electronic signatures and records, encompassing hybrid transactions and fostering an environment conducive to the expansion of digital commerce in Oregon. SB 167 also features transitional measures that protect the validity of transactions executed before the legislation comes into force, as well as a one-year grace period for existing security interests to comply with the new rules.
Ongoing Legislative Initiatives
Meanwhile, there is ongoing legislative activity regarding another cryptocurrency initiative, House Bill HB 2071, which remains under consideration and has yet to be voted on. This proposed bill seeks to secure the rights of individuals to utilize Bitcoin and other digital currencies, preventing state and local governments from limiting the acceptance of cryptocurrencies for legal transactions.
Moreover, it aims to reinforce the legality of peer-to-peer transactions conducted via blockchain technology. Unlike several other states, Oregon has not introduced a proposal for a state-backed Bitcoin reserve, maintaining its current stance on cryptocurrency regulation.
“Oregon has not introduced a proposal for a state-backed Bitcoin reserve, maintaining its current stance on cryptocurrency regulation.”
