Oklahoma passes bill protecting rights to self-custody crypto

Oklahoma passed a bill to protect residents’ rights to self-custody digital assets, including crypto, effective November 1.

The legislation, known as OKHB3594, was signed into law by Governor Kevin Stitt and supported by Republican lawmakers, including State Senators Bill Coleman and Dana Prieto and State Representatives Brian Hill and Cody Maynard.

The bill expressly prohibits any restrictions or prohibitions on the use or self-storage of digital assets through self-hosted or hardware wallets. It also allows Oklahomans to mine cryptocurrency at home or industrially, as long as they comply with local noise regulations.

The legislation also states that individuals running a home-based digital asset mining, staking-as-a-service, staking or digital asset mining business do not need a money transmission license. It also ensures that discriminatory electricity rates are not allowed for digital asset mining operations.

Residents can use cryptocurrencies to purchase goods and services without paying additional taxes. The bill states that digital assets used as payment methods will not be subject 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, was praised The bill on X is being described as “groundbreaking” and highlights its role in protecting “fundamental Bitcoin rights.”

“The idea that ‘We the People’ cannot own our own assets is contrary to American values. Without the ability to manage our wealth, we lose control of our destiny and the chance to create a better future for our families. This law ensures that everyone not only secures their rights, but also [bitcoin] but all their assets,” Porter said in a post on X.