Oklahoma Passes Crypto Bill, HUGE Win For Monetary Freedom!

May 17, 2024 1:07 pm Comments

Oklahoma recently passed a pro-crypto bill, in the hopes of becoming a crypto and digital asset hub.

The sweeping bill, HB3594, included protections for self-custodial wallets, mining, and crypto transactions for individuals and businesses.

Protecting self-custodial rights in the state was of particular note to liberty-minded individuals, and the bill was widely received as a massive win for digital rights and freedom.

Following the passage of the bill, Bitcoin and digital rights activist Dennis Porter wrote:

“I have had multiple Washington DC staffers tell me that the passage of the ‘Bitcoin Rights’ bill in Oklahoma is already providing momentum for policy action at the Federal Level.

One major reason State policy action is so important is we can influence Federal policy outcomes.”

Below is a summary of the bill taken directly from the Oklahoma State Gov site:

This bill pertains to the use and regulation of blockchain technologies and digital assets in Oklahoma.

Blockchains are data networks that create a ledger of verified transactions using cryptography. Digital assets are virtual currencies, cryptocurrencies, and other digital-only assets.

The bill stipulates that the government of Oklahoma cannot ban or restrict the use of digital assets for purchasing legal goods/services, or the self-custody of digital assets using a self-hosted wallet or a hardware wallet.

Digital asset payments will not be subject to additional taxes or charges based solely on the use of the digital asset.

The bill legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use.

Discriminatory electricity rates for digital asset mining businesses are outlawed as well.

The bill also permits the operation of nodes to connect to a blockchain protocol and transfer digital assets, without the need to obtain a money transmitter license. The bill will become effective on November 1, 2024.

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