Oklahoma Approves ‘Bitcoin Rights’ Bill, Paving the Way for Crypto Freedom

A comprehensive “Bitcoin Rights” measure was formally signed into law by Oklahoma Governor Kevin Stitt on Monday, establishing the legal foundation for residents to participate in cryptocurrency transactions. The bill, HB3594, further solidifies Oklahoma’s reputation as a friendly center for cryptocurrency businesses and investors by supporting people’s rights to mine, deal with, and hold cryptocurrency in their own possession.

The plan, which is being led by Republican state representative Brian Hill and supported by Republican state senator plan Coleman in the Senate, is modeled after successful laws that are supported by the Satoshi Action Fund, a state-focused lobbying group for bitcoin mining. Oklahoma’s effort highlights a larger national campaign to promote crypto-friendly workplaces, with similar laws proposed in fifteen other states.

Between Regulatory Uncertainty

Governor Stitt’s endorsement of the bill marks a significant milestone for crypto proponents amidst a murky regulatory landscape. With Congress yet to establish a clear regulatory framework for cryptocurrencies, federal regulators have resorted to enforcement actions, raising concerns within the crypto community. Recent crackdowns on privacy tools have sparked apprehensions of potential bans on self-custody practices.

The “Bitcoin Rights” law from Oklahoma enshrines the basic right to self-custody crypto assets, so precluding any potential prohibition on such acts. It also protects the usage of cryptocurrencies for legal transactions without adding extra levies based just on the fact that they are digital. Additionally, the law allows for the mining of cryptocurrencies on an individual and industrial scale as long as municipal laws—such as those pertaining to noise ordinances—are followed.

The measure strengthens Oklahoma’s appeal for mining operations by protecting the state’s mining rights, so fending off potential prohibitions seen in other jurisdictions. Additionally, it protects node operators from liabilities associated with transaction validation and releases them from the requirement to get money transmitter licenses.