Oregon Passes SB 167 Bill to Establish Legal Control Standards for Digital Assets

On May 7, Oregon Governor Tina Kotek signed Senate Bill 167 (SB 167), updating the state's commercial regulations to the Uniform Commercial Code (UCC) and explicitly including provisions related to digital assets. The new bill introduces Article 12 of the UCC, establishing a legal framework for cryptocurrencies, tokenized records, and electronic money, and amends Article 9 of the UCC to allow digital assets to be used as collateral in secured transactions. Additionally, the bill recognizes the legal validity of electronic records, electronic signatures, and hybrid transactions to support the development of digital commerce.