TechFlow news, May 8 — According to Crypto Briefing, Oregon has passed Senate Bill 167, incorporating digital assets into the legal framework of the Uniform Commercial Code (UCC). The bill was signed into law by Governor Tina Kotek on May 7.
The new legislation introduces UCC Article 12, which establishes legal definitions for digital assets including crypto assets, tokenized records, and digital money. It also amends Article 9 to allow digital assets to serve as collateral in secured transactions. Additionally, the bill updates multiple UCC provisions to recognize electronic records, electronic signatures, and hybrid transaction formats, thereby supporting digital commercial activities.
The bill includes transitional provisions ensuring the validity of transactions conducted before the new rules take effect, and provides a one-year compliance adjustment period for existing security interests. Previously, the legal status of digital assets used as collateral or in transactions was unclear; this revision now offers clear legal grounds for control, perfection, and enforcement of rights over such assets.
It was also reported that Oregon has proposed another blockchain-related bill, House Bill 2071, which is currently in the early legislative stage and has not yet entered the voting process.
