Sweeping ‘Bitcoin Rights’ Bill Becomes Law in Oklahoma

The bill would protect Oklahomans’ rights to store their digital assets.

It also makes it legal for Oklahoma residents to mine crypto both at home and on an industrial scale.

Oklahoma Governor Kevin Stitt signed a sweeping ‘Bitcoin Rights’ bill on Monday, protecting Oklahomans’ rights to legally mine, trade and own cryptocurrencies and strengthening the state’s reputation as a friendly destination for crypto companies and investors.

The bill, HB3594, was introduced by Republican state Rep. Brian Hill and moved to the Senate by Republican state Sen. Bill Coleman. It was inspired by the model policy of the state-focused Bitcoin mining advocacy group Satoshi Action Fund, which has helped introduce similar legislation in 15 other states.

Stitt’s signature on the bill is a bright spot for crypto advocates in an otherwise gloomy regulatory environment. In the absence of a regulatory framework for crypto from Congress, federal regulators have been left to their own devices to regulate the crypto industry, and they are doing so largely through enforcement actions against crypto companies and developers.

Recent crackdowns on crypto mixing services and other privacy tools, including criminal charges against the developers of Samourai Wallet and Tornado Cash, have led to growing concerns — though currently unfounded — that the federal government may eventually take steps to ban personal custody.

Oklahoma’s crypto bill preempts any future hypothetical ban by making fundamental the right to store cryptocurrency in a self-hosted wallet or hardware wallet. It also preserves the ability to use crypto to purchase legal goods and services and to do so without extra taxes “solely based on the use of the digital asset as a payment method.”

🚨VERY BREAKING🚨: A bill that protects your ‘basic fundamentals’ #Bitcoin rights’ LAW SIGNED in the state of Oklahoma.

Oklahoma will now defend:
✅ Right to self-custody
✅ Right to spend #Bitcoin and digital assets
✅ Mining rights #Bitcoin
✅ The right to run… pic.twitter.com/KdPsmLBzDo

— Dennis Porter (@Dennis_Porter_) May 14, 2024

The crypto bill also makes it legal for Oklahoma residents to mine crypto both at home and on an industrial scale, provided they comply with local noise ordinances. Oklahoma has been a popular destination for crypto mining companies; In February, Polaris Technologies announced it would spend $100 million to build a 200-megawatt mining facility outside Tulsa.

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By protecting the right to mine in Oklahoma, the bill prevents future attempts to ban crypto mining like those seen in New York and North Carolina. It also ensures that anyone mining crypto or otherwise operating a node will not be required to obtain a money transmitter license, and anyone operating a node or staking as a service “will not face liability for a particular transaction simply by validating that transaction.” .”

The bill will come into force on November 1, 2024.