Oregon passes SB 167 to establish legal control standards for digital assets

Tina Kotek, Governor of Oregon, signed Senate Bill 167 on May 7, updating the state's commercial regulations to the Uniform Commercial Code (UCC), explicitly incorporating provisions related to digital assets. The new law introduces Article 12 of the UCC, establishing a legal framework for cryptocurrencies, tokenized records, and electronic currencies, and amends Article 9 of the UCC to allow digital assets to be used as collateral for secured transactions. In addition, the law recognizes the legal effectiveness of electronic records, electronic signatures, and mixed transactions to support digital business development.