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.
Proud to have delivered this win to #Bitcoin holders in Oklahoma and across the USA 🇺🇸 The right to self-custody is now codified into law. This can now become a blueprint for the nation.Become a monthly member and help us continue to win: https://t.co/zsmXkjEgIj pic.twitter.com/55KZILlWjx
— Dennis Porter (@Dennis_Porter_) May 16, 2024
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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.
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