Oregon, USA, passed SB 167, which clarifies the legal definitions and standards for digital assets

ChainCatcher news, 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 law introduces UCC Article 12, which clarifies the legal definition of digital assets, including crypto assets, tokenized records, and electronic money, and amends Article 9 to allow digital assets to be used as collateral for secured transactions. Additionally, the bill updates several UCC provisions to recognize electronic records, electronic signatures, and hybrid transaction forms, thereby supporting digital business activities.

The bill also includes transitional provisions to ensure the legality of transactions that occurred before the new regulations took effect, while providing a one-year compliance adjustment period for existing secured interests. Previously, the legal status of digital assets when used as collateral or in transactions was unclear, and this revision provides a clear legal basis for the control, perfection, and enforcement of their rights.

Reports indicate that Oregon has also proposed another blockchain-related House Bill 2071, which is currently in the early stages of legislation and has not yet entered the voting process.