According to Blockworks, a new bill has been passed in Oklahoma that safeguards the rights of state residents to self-custody digital assets. The bill, OKHB3594, was signed into law by Governor Kevin Stitt and will come into effect on November 1, 2024. The legislation was sponsored by four Republicans, including State Senators Bill Coleman and Dana Prieto, and State Representatives Brian Hill and Cody Maynard.
The new law prohibits any restrictions or bans on the use or self-custody of digital assets using a self-hosted wallet or a hardware wallet. It also allows Oklahomans to mine cryptocurrency both at home and on an industrial scale, provided they adhere to local noise regulations. The bill stipulates that those engaged in home digital asset mining, staking, or offering staking as a service are not required to obtain a money transmitter license.
Furthermore, the law prohibits discriminatory electricity rates for digital asset mining businesses. It also protects residents who use cryptocurrency to pay for goods and services from being subjected to additional taxes. The bill states that digital assets used as a method of payment may not be subject to any additional tax, withholding, assessment, or charge by the state or local government based solely on the use of the digital asset as the method of payment.
Dennis Porter, CEO of Satoshi Act Fund, has praised the bill as 'groundbreaking', stating that it was designed to protect 'fundamental bitcoin rights'. He expressed that the notion of citizens not being able to hold their own assets contradicts American values. He believes that this law ensures everyone can secure not only their bitcoin but all their assets.