diff --git a/.changeset/cyan-swans-serve.md b/.changeset/cyan-swans-serve.md
new file mode 100644
index 000000000..123589717
--- /dev/null
+++ b/.changeset/cyan-swans-serve.md
@@ -0,0 +1,7 @@
+---
+"@preact/signals-react-transform": minor
+---
+
+Remove support for transforming CJS files
+
+Removing support for transforming CommonJS files since we have no tests for it currently
diff --git a/.changeset/lucky-radios-deny.md b/.changeset/lucky-radios-deny.md
new file mode 100644
index 000000000..936cb4ce9
--- /dev/null
+++ b/.changeset/lucky-radios-deny.md
@@ -0,0 +1,5 @@
+---
+"@preact/signals-react-transform": patch
+---
+
+Register newly inserted import statement as a scope declaration in Babel's scope tracking
diff --git a/package.json b/package.json
index 54bccbd87..fe6f53b98 100644
--- a/package.json
+++ b/package.json
@@ -54,6 +54,7 @@
     "@babel/standalone": "^7.22.6",
     "@changesets/changelog-github": "^0.4.6",
     "@changesets/cli": "^2.24.2",
+    "@types/babel__traverse": "^7.18.5",
     "@types/chai": "^4.3.3",
     "@types/mocha": "^9.1.1",
     "@types/node": "^18.6.5",
diff --git a/packages/react-transform/src/index.ts b/packages/react-transform/src/index.ts
index 322386eb2..ca5443c4f 100644
--- a/packages/react-transform/src/index.ts
+++ b/packages/react-transform/src/index.ts
@@ -6,7 +6,7 @@ import {
 	NodePath,
 	template,
 } from "@babel/core";
-import { isModule, addNamed, addNamespace } from "@babel/helper-module-imports";
+import { isModule, addNamed } from "@babel/helper-module-imports";
 
 // TODO:
 // - how to trigger rerenders on attributes change if transform never sees
@@ -263,29 +263,46 @@ function createImportLazily(
 	path: NodePath<BabelTypes.Program>,
 	importName: string,
 	source: string
-) {
+): () => BabelTypes.Identifier {
 	return () => {
-		if (isModule(path)) {
-			let reference = get(pass, `imports/${importName}`);
-			if (reference) return types.cloneNode(reference);
-			reference = addNamed(path, importName, source, {
-				importedInterop: "uncompiled",
-				importPosition: "after",
-			});
-			set(pass, `imports/${importName}`, reference);
-			return reference;
-		} else {
-			let reference = get(pass, `requires/${source}`);
-			if (reference) {
-				reference = types.cloneNode(reference);
-			} else {
-				reference = addNamespace(path, source, {
-					importedInterop: "uncompiled",
-				});
-				set(pass, `requires/${source}`, reference);
+		if (!isModule(path)) {
+			throw new Error(
+				`Cannot import ${importName} outside of an ESM module file`
+			);
+		}
+
+		let reference: BabelTypes.Identifier = get(pass, `imports/${importName}`);
+		if (reference) return types.cloneNode(reference);
+		reference = addNamed(path, importName, source, {
+			importedInterop: "uncompiled",
+			importPosition: "after",
+		});
+		set(pass, `imports/${importName}`, reference);
+
+		/** Helper function to determine if an import declaration's specifier matches the given importName  */
+		const matchesImportName = (
+			s: BabelTypes.ImportDeclaration["specifiers"][0]
+		) => {
+			if (s.type !== "ImportSpecifier") return false;
+			return (
+				(s.imported.type === "Identifier" && s.imported.name === importName) ||
+				(s.imported.type === "StringLiteral" &&
+					s.imported.value === importName)
+			);
+		};
+
+		for (let statement of path.get("body")) {
+			if (
+				statement.isImportDeclaration() &&
+				statement.node.source.value === source &&
+				statement.node.specifiers.some(matchesImportName)
+			) {
+				path.scope.registerDeclaration(statement);
+				break;
 			}
-			return types.memberExpression(reference, types.identifier(importName));
 		}
+
+		return reference;
 	};
 }
 
diff --git a/packages/react-transform/test/node/index.test.tsx b/packages/react-transform/test/node/index.test.tsx
index 61164a6bc..3374e6263 100644
--- a/packages/react-transform/test/node/index.test.tsx
+++ b/packages/react-transform/test/node/index.test.tsx
@@ -1,4 +1,6 @@
-import { transform } from "@babel/core";
+import { transform, traverse } from "@babel/core";
+import type { Visitor } from "@babel/core";
+import type { Scope } from "@babel/traverse";
 import signalsTransform, { PluginOptions } from "../../src/index";
 
 function dedent(str: string) {
@@ -965,4 +967,54 @@ describe("React Signals Babel Transform", () => {
 			runTest(inputCode, expectedOutput, { importSource: "custom-source" });
 		});
 	});
+
+	describe("scope tracking", () => {
+		interface VisitorState {
+			programScope?: Scope;
+		}
+
+		const programScopeVisitor: Visitor<VisitorState> = {
+			Program: {
+				exit(path, state) {
+					state.programScope = path.scope;
+				},
+			},
+		};
+
+		function getRootScope(code: string) {
+			const signalsPluginConfig: any[] = [signalsTransform];
+			const result = transform(code, {
+				ast: true,
+				plugins: [signalsPluginConfig, "@babel/plugin-syntax-jsx"],
+			});
+			if (!result) {
+				throw new Error("Could not transform code");
+			}
+
+			const state: VisitorState = {};
+			traverse(result.ast, programScopeVisitor, undefined, state);
+
+			const scope = state.programScope;
+			if (!scope) {
+				throw new Error("Could not find program scope");
+			}
+
+			return scope;
+		}
+
+		it("adds newly inserted import declarations and usages to program scope", () => {
+			const scope = getRootScope(`
+				const MyComponent = () => {
+					signal.value;
+					return <div>Hello World</div>;
+				};
+			`);
+
+			const signalsBinding = scope.bindings["_useSignals"];
+			console.log(signalsBinding);
+			expect(signalsBinding).to.exist;
+			expect(signalsBinding.kind).to.equal("module");
+			expect(signalsBinding.referenced).to.be.true;
+		});
+	});
 });
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index 6fe6fd0a1..36f53f391 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -55,6 +55,9 @@ importers:
       '@changesets/cli':
         specifier: ^2.24.2
         version: 2.24.2
+      '@types/babel__traverse':
+        specifier: ^7.18.5
+        version: 7.18.5
       '@types/chai':
         specifier: ^4.3.3
         version: 4.3.3