Oklahoma has taken a significant step to protect residents’ rights to self-custody digital assets, including cryptocurrencies. The new legislation, OKHB3594, was signed into law by Governor Kevin Stitt and will be effective starting November 1. The bill was strongly supported by Republican legislators, including State Senators Bill Coleman and Dana Prieto, and State Representatives Brian Hill and Cody Maynard.
Key Provisions of the Bill
The legislation explicitly prohibits any restrictions or bans on using or self-custody digital assets through self-hosted or hardware wallets. This provision ensures that Oklahomans can manage their digital assets without interference.
Additionally, the bill allows residents to mine cryptocurrencies at home or industrially, as long as they comply with local noise regulations. This opens up opportunities for individuals and businesses to engage in digital asset mining within the state.
Licensing and Electricity Rates
A significant aspect of the bill is 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. This reduces regulatory burdens on those engaging in these activities.
The legislation also protects digital asset mining operations from discriminatory electricity rates, ensuring fair treatment in terms of energy costs.
Use of Cryptocurrencies for Transactions
The bill allows residents to use cryptocurrencies to purchase goods and services without incurring additional taxes. Digital assets used as a payment method are exempt from any extra taxes, withholdings, assessments, or charges by state or local governments based solely on their use as payment.
Support and Praise
Dennis Porter, CEO of the Satoshi Act Fund, praised the bill on X (formerly Twitter), calling it “groundbreaking” and emphasizing its importance in protecting fundamental Bitcoin rights.
“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,” Porter stated in a post on X.
This legislation marks a notable advancement in the legal recognition and protection of digital assets, ensuring that Oklahoma residents can freely and securely manage their digital wealth.
