The Oregon adopted the Senate 167 bill, updating the state’s commercial laws to include digital assets in the Unified Commercial Code (UCC).
A legislationSigned by the governor of Tina Kotok on May 7, presents Article 12 UCC, which creates a legal basis for digital assets, including crypto -actes, tokenized records and electronic money.
The bill makes amendments to Article 9 to allow digital assets to be used as security in secured transactions. It also updates several UCC articles for recognizing electronic records, signatures and hybrid transactions to support digital commerce.
The new law includes transition provisions that maintain the validity of transactions committed before the date of entry into force of the law, and ensures a year period for existing security interests to comply with new rules.
Before these changes, legal uncertainty arose in relation to how digital assets fit into existing commercial laws, especially when used as security or transfer between the parties. UCC amendments clarify how rights in these assets can be controlled, improved and applied legally.
In addition to SB 167, House bill 2071 It is another crypto-tied account presented in Oregon.
This proposed legislation is devoted to the rights to blockchain and digital assets. It is aimed at protecting and promoting the use of bitcoins and other digital assets in the state by limiting regulatory barriers and clarifying the legal framework for blockchain -based activities.
Some of the main points of the bill include a ban on state and local authorities to limit or worsen the ability of a person to accept digital assets as payment for legal goods and services, as well as the right to conduct single -rat transactions through blockchain or digital assets.
The bill is still in the early stages of the legislative process and has not yet entered into the vote either in the ward or in the Senate.
Unlike most US states, Oregon lawmakers did not offer any bill to create the Bitcoins state reserve at the moment.
