Oklahoma passes bill protecting rights to self-custody crypto

Oklahoma
has
passed
a
bill
to
safeguard
residents’
rights
to
self-custody
digital
assets,
including
crypto,
effective
Nov.
1.

The
legislation,
known
as

OKHB3594,
was
signed
into
law
by
Governor
Kevin
Stitt
and
backed
by
Republican
legislators,
including
State
Senators
Bill
Coleman
and
Dana
Prieto,
and
State
Representatives
Brian
Hill
and
Cody
Maynard.

The
bill
explicitly
prohibits
any
restrictions
or
bans
on
using
or

self-custody
digital
assets
through
self-hosted
or
hardware
wallets.
It
also
allows
Oklahomans
to
mine
cryptocurrencies
at
home
or
industrially,
provided
they
adhere
to
local
noise
regulations.

The
legislation
also
specifies
that
individuals
engaged
in
home
digital
asset

mining,
staking,
staking
as
a
service,
or
operating
a
digital
asset
mining
business
do
not
need
a
money
transmitter
license.
It
also
ensures
that
discriminatory
electricity
rates
for
digital
asset
mining
operations
are
not
permissible.

Residents
can
use

cryptocurrencies
to
purchase
goods
and
services
without
incurring
additional
taxes.
The
bill
specifies
that
digital
assets
used
as
a
payment
method
shall
not
be
subjected
to
any
extra
taxes,
withholdings,
assessments,
or
charges
by
state
or
local
governments
based
solely
on
their
use
as
payment.

Dennis
Porter,
CEO
of
Satoshi
Act
Fund,

praised
the
bill
on
X
as
“groundbreaking,”
emphasizing
its
role
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
said
in
a
post
on
X.