Oklahoma passes bill protecting ‘fundamental bitcoin rights’
Oklahoma’s new crypto bill will go into effect in November of this year
Oklahoma passed a bill earlier this week that protects state residents’ right to self-custody digital assets.
The bill will go into effect on November 1, 2024.
OKHB3594 was signed into law by Governor Kevin Stitt. It was sponsored by four Republicans — State Senators Bill Coleman and Dana Prieto and State Representatives Brian Hill and Cody Maynard.
Under the bill, Oklahoma bans restricting or outlawing the use “or the self-custody of digital assets using a self-hosted wallet or a hardware wallet,” a page for the bill said.
Oklahomans can also mine crypto both at home and industrially, though they have to comply with local noise ordinances.
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“Anyone engaged in home digital asset mining, or digital asset mining business, staking , or staking as a service shall not be required to obtain a money transmitter license,” the bill said.
Additionally, “discriminatory electricity rates for digital asset mining businesses are outlawed as well.”
Residents can use crypto to pay for goods and services and are protected from paying additional taxes.
“Digital assets used as a method of payment may not be subject to any additional tax, withholding, assessment or charge by the state or local government that is based solely on the use of the digital asset as the method of payment,” the bill continued.
Satoshi Act Fund CEO Dennis Porter called the bill “groundbreaking” and said it was designed to protect “fundamental bitcoin rights.”
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“The idea that ‘We the People’ cannot hold our own assets is antithetical to American values. Without the ability to manage our wealth, we lose control of our destiny and the chance to create better futures for our families. This law ensures that everyone can secure not only their [bitcoin] but all their assets,” he wrote in a post on X.
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- Bitcoin
- Custody
- Mining
- US politics
Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.
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