Oregon passes SB 167 controlling digital assets

TinTucBitcoinOfficial · 2025-05-08T10:44:11+00:00

Oregon updated its Commercial Code to accommodate digital currencies like Bitcoin, allowing electronic records, signatures, and promoting digital commerce. SB 167 establishes legal frameworks for cryptocurrency transactions and collateral assets, while HB 2071 aims to protect crypto rights further. Oregon's commitment to digital currency is evident, despite not establishing a state Bitcoin reserve fund like other states.

TinTucBitcoinOfficial

2025-05-08 10:44:11

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The state of Oregon has updated its Commercial Code to adapt to the development of cryptocurrency. On May 7, Governor Tina Kotek signed into law Bill SB 167, which provides a specific legal framework for cryptocurrency, encryption 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 mortgage transactions through the amendment of Point 9 of the UCC.

In addition, SB 167 also recognizes the legality of electronic records, electronic signatures, and hybrid transactions, to promote the development of digital commerce. The transitional provisions ensure that previous transactions remain valid and facilitate compliance for one year.

Besides SB 167, HB 2071 is still in the legislative process and has not reached the voting stage. This bill aims to protect the right to use cryptocurrencies like Bitcoin, prohibits state and local governments from preventing individuals from accepting cryptocurrencies for legal goods or services, and ensures the legality of peer-to-peer blockchain transactions.

Currently, Oregon does not have a proposal to establish a state-level Bitcoin reserve fund like some other states. This demonstrates Oregon’s strong commitment to promoting and protecting cryptocurrency in trade and the daily lives of its citizens.

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