The US state of Oklahoma took an important step this week, passing a bill guaranteeing the state's residents the right to keep their digital assets to themselves.
The bill, known as OKHB3594, was signed by Governor Kevin Stitt and will go into effect on November 1, 2024.
The legislation was sponsored by four Republicans, State Senators Bill Coleman and Dana Prieto, and State Representatives Brian Hill and Cody Maynard. The law aims to protect Oklahomans' 'fundamental bitcoin rights' by banning self-custody wallets or restrictions on hardware wallets.
The bill also addresses the issue of Bitcoin mining by banning discriminatory electricity rates for digital asset mining businesses. Oklahomans are now allowed to mine cryptocurrency both at home and industrially, provided they comply with local noise ordinances. “Persons who engage in home-based digital asset mining or digital asset mining business, staking or staking as a service, or engage in commercial staking will not be required to obtain a money transmitter license,” the bill states. The statement is included.
Additionally, the legislation allows residents to use cryptocurrency to pay for goods and services without paying additional taxes. “Digital assets used as a payment method may not be subject to any additional taxes, withholdings, assessments, or fees imposed by a state or local government based solely on the use of the digital asset as a payment method,” the bill states.
The bill was described as “groundbreaking” by Satoshi Act Fund CEO Dennis Porter. Porter believes the legislation is designed to protect the fundamental rights of Bitcoin users.
*This is not investment advice.