The state of Oregon has updated the Commercial Code to adapt to the development of cryptocurrency. On May 7, Governor Tina Kotek signed Bill SB 167, providing a specific legal framework for cryptocurrency, encrypted data, and electronic currency through Point 12 of the UCC. At the same time, the law allows digital assets to be used as collateral in secured transactions through amendments to Point 9 of the UCC.
Additionally, SB 167 also recognizes the legality of electronic records, electronic signatures, and hybrid transactions, aiming to promote digital commerce. The transitional regulations ensure that previous transactions remain valid and facilitate compliance within one year.
In addition to SB 167, Bill HB 2071 is still in the legislative process and has not yet reached the voting stage. This bill aims to protect the use of cryptocurrencies like Bitcoin, prohibit state and local governments from preventing citizens from accepting cryptocurrencies for legal goods or services, and ensure the legality of peer-to-peer blockchain transactions.
Currently, Oregon has no proposal to establish a state-level Bitcoin reserve fund like some other states. This demonstrates Oregon's strong commitment to promoting and protecting cryptocurrencies in commerce and daily life.
