Oklahoma Enacts Bill Safeguarding Residents’ Rights to Self-Custody Cryptocurrency

Oklahoma Enacts Bill Safeguarding Residents’ Rights to Self-Custody Cryptocurrency

Oklahoma has enacted a new law to protect residents’ rights to self-custody digital assets, including cryptocurrencies, starting November 1. The legislation, known as OKHB3594, was signed into law by Governor Kevin Stitt with strong support from Republican legislators, including State Senators Bill Coleman and Dana Prieto, and State Representatives Brian Hill and Cody Maynard.

This groundbreaking bill explicitly bans any restrictions or prohibitions on the use or self-custody of digital assets through self-hosted or hardware wallets. It also permits Oklahomans to mine cryptocurrencies at home or on an industrial scale, as long as they comply with local noise regulations.

Additionally, the legislation clarifies that individuals involved in home digital asset mining, staking, staking as a service, or operating a digital asset mining business do not require a money transmitter license. It further ensures that digital asset mining operations are not subjected to discriminatory electricity rates.

The bill also allows residents to use cryptocurrencies to purchase goods and services without incurring additional taxes. Digital assets used as payment methods are exempt from extra taxes, withholdings, assessments, or charges imposed by state or local governments solely based on their use for payment.

Dennis Porter, CEO of the Satoshi Act Fund, lauded the bill on X, describing it as “groundbreaking” and emphasizing its importance in protecting “fundamental Bitcoin rights.” Porter stated, “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.”

The passage of OKHB3594 marks a significant step in securing the rights of Oklahoma residents to manage and utilize their digital assets freely, reinforcing the state’s commitment to fostering a supportive environment for cryptocurrency use and innovation.

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