Sweeping ‘Bitcoin Rights’ Bill Becomes Law in Oklahoma

As a seasoned crypto investor with a keen interest in regulatory developments, I view Oklahoma’s recent passage of the Bitcoin Rights bill as a significant step forward for the industry. Having witnessed the uncertainty and ambiguity surrounding crypto regulations at the federal level, it is heartening to see states like Oklahoma taking matters into their own hands.

Oklahoma Governor Kevin Stitt approved a groundbreaking “Bitcoin Liberties” bill on Monday, legally securing Oklahoman residents’ ability to mine, buy and sell, and personally store cryptocurrencies. This legislation enhances Oklahoma’s appeal as an inviting locale for crypto businesses and financiers.

HB3594, the bill proposed by Republican state Representative Brian Hill, gained momentum in the Senate under the guidance of Republican state Senator Bill Coleman. The legislation was influenced by a model policy put forth by Satoshi Action Fund, a state-centric bitcoin mining advocacy group that has facilitated the introduction of comparable bills in 15 other states.

Crypto supporters can celebrate as Stitt puts his signature on the bill, bringing a glimmer of hope in the otherwise gloomy regulatory environment for cryptocurrencies. With no clear-cut regulatory framework from Congress, federal regulators have taken it upon themselves to regulate the crypto sector primarily through taking enforcement actions against companies and developers in the industry.

The intensified enforcement actions against crypto mixing platforms and their creators, such as Samourai Wallet and Tornado Cash, have sparked apprehension among some in the community about potential future restrictions on self-custody of digital assets by the government.

In simpler terms, Oklahoma’s cryptocurrency legislation secures the fundamental right for individuals to hold and store their own digital assets in personal wallets, be it software or hardware. Furthermore, it permits using cryptocurrencies to buy legal products and services without imposing an additional tax solely based on payment method choice.

As a crypto market analyst, I’d put it this way: The new legislation in Oklahoma allows me, as a resident, to mine cryptocurrencies at home or on an industrial scale, under the condition that noise regulations are met. Oklahoma has become an attractive location for crypto mining businesses due to its resources and supportive regulatory environment – Polaris Technologies recently disclosed plans to invest $100 million in constructing a 200 megawatt mining facility nearby Tulsa.

As a crypto investor, I can tell you that passing this bill in Oklahoma is a significant win for us. It safeguards my right to mine cryptocurrencies here, deterring any potential future bans similar to those enacted in New York and North Carolina. Moreover, it means that I won’t be compelled to secure a money transmitter license while mining or running a node. Lastly, it protects me from any liability related to specific transactions just by validating those transactions on the blockchain.

The bill will go into effect on November 1, 2024.