Oklahoma recently passed a bill that safeguards the right of state residents to self-custody digital assets. The bill, known as OKHB3594, will become effective on November 1, 2024, after being signed into law by Governor Kevin Stitt. Sponsored by four Republicans, including State Senators Bill Coleman and Dana Prieto, as well as State Representatives Brian Hill and Cody Maynard, the bill prohibits restrictions on self-custody of digital assets using self-hosted or hardware wallets.
Furthermore, the legislation allows Oklahomans to engage in both home and industrial crypto mining, with compliance required with local noise ordinances. Individuals involved in digital asset mining or related activities do not need a money transmitter license. Discriminatory electricity rates for digital asset mining businesses are also outlawed. Residents are permitted to use cryptocurrency for payments without facing additional taxes.
Dennis Porter, CEO of Satoshi Act Fund, praised the bill as “groundbreaking” and emphasized its role in protecting fundamental bitcoin rights. He highlighted the importance of individuals being able to manage their own assets, stating that the law ensures everyone can secure not just their bitcoin, but all their assets. The passage of this law in Oklahoma is seen as a significant step towards empowering individuals to control their financial futures.