Oregon Cryptocurrency Updated Laws
Regulation of Oregon Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
PROPOSED LAWS & REGULATIONS
Oregon’s Money Transmitter Act does not explicitly include “virtual currencies” or “monetary value,” but the State has said publicly that the Act’s definition of money includes virtual currencies, including Bitcoin.
https://apps.oregon.gov/SOS/LicenseDirectory/LicenseDetail/21
H.B. 2487
In January 2019, the Oregon House introduced H.B. 2487, proposing that, “[t]he Oregon Department of Administrative Services shall study and make recommendations regarding the use of blockchain technology by state agencies to administer public services.”
Status: Referred to On Ways and Means Committee H.B. 2487, 80th Leg. Assemb., Reg. Sess. (Or. 2019).
H.B. 2179
In 2019, the House also introduced H.B. 2179 to establish a task force on blockchain applications and legislation.
Status: Referred to On Ways and Means Joint Committee H.B. 2179, 80th Leg. Assemb., Gen. Sess. (Or. 2019).
S.B. 703
A similar Senate bill that was engrossed on April 19, 2019, establishes “The Task Force on Protecting Health Information” and allows the Governor to appoint “two individuals representing the technology industry, one with expertise in data security and one with expertise in blockchain technology.”
Status: Referred to On Ways and Means Joint Committee S.B. 703, 80th Leg. Assemb., Reg. Sess. (Or. 2019).
H.B. 2696
In 2021, the Oregon House introduced bill 2696. The Bill, if approved, would (i) establish the Oregon Cash Depository Corporation as an independent public corporation and prescribes the corporation’s purposes and powers; (ii) would directs the corporation to lease or acquire real property and construct or renovate offices, facilities, and business locations throughout the state at which corporation receives, handles, stores and dispenses cash and other valuable property; (iii) establish the Oregon Cash Depository Corporation Fund in the State Treasury and requires the corporation to deposit all money the corporation receives into the fund; (iv) permit the corporation to invest money in the fund and a fraction of the corporation’s deposits in accordance with provisions of Act. Subject the corporation to an annual audit by the secretary of State and requires the corporation to respond to recommendations in the audit report; (v) Require a study of the corporation’s operations every four years and a report to the Legislative Assembly; (vi) requires the attorney general to defend the corporation and directors, officers, and employees of the corporation against a claim or charge brought for actions in performing duties of the corporation.
ENACTED LAWS & REGULATIONS
2018 OR REG TEXT 491365 (NS)
The Oregon Department of Human Services has adopted a regulation to set a Department policy on how virtual currency or cryptocurrency will be treated for purposes of determining eligibility in APD medical and self-sufficiency programs.
2018 OR REG TEXT 491365 (NS).
H.B. 2487
In January 2019, the Oregon House introduced H.B. 2487, proposing that, “[t]he Oregon Department of Administrative Services shall study and make recommendations regarding the use of blockchain technology by state agencies to administer public services.”
Status: Referred to On Ways and Means Committee
H.B. 2487, 80th Leg. Assemb., Reg. Sess. (Or. 2019).
https://olis.oregonlegislature.gov/liz/2019R1/Downloads/MeasureDocument/HB2487/Introduced
H.B. 2488
Regarding cryptocurrency, Oregon adopted the H.B. 2488 bill that, unless authorized by the state treasurer that prohibits:
(a) the state government, as defined in ORS 174.111, from accepting payments using cryptocurrency.
(b) a candidate running for public office from accepting campaign contributions made using cryptocurrency.
H.B. 2488,
80th Leg. Assemb., Reg. Sess. (Or. 2019).
https://olis.leg.state.or.us/liz/2019R1/Measures/Overview/HB2488
Blockchain Information & Resources:
- Anti-Collusion | What Is Obfuscation?
- Blockchain Attacks: Is No One Safe in the World of Cryptocurrencies?
- Blockchain Technology Explained: What is Blockchain and How Does It Work?
- Digital Currency Transmission Laws and Regulations by State
- Hard and Soft Forks: A Detailed and Simplified Explanation of How Blockchains Evolved
- Legal Issues around Cryptocurrency
- Merkle Trees
- Permissioned and Permissionless Blockchains
See More Information on Blockchain
Is cryptocurrency legal in Oregon?
Do you have Cryptocurrency or Blockchain Issues or questions?
Freeman Law is dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Contact us to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.
