Recently, Oklahoma made a significant move in the world of cryptocurrency by signing into law a bill that protects crypto-related rights. This legislation, known as HB 3594, was approved by Governor Kevin Stitt on May 13 and will come into effect on Nov. 1.
The new law prohibits the Oklahoma state government from placing any restrictions on the use of cryptocurrency in purchases or self-custody. Additionally, state and local governments are not allowed to impose additional taxes or charges specifically targeting crypto transactions. Although taxes on legal tender still apply, the bill aims to create a more crypto-friendly environment in the state.
One of the major highlights of HB 3594 is the protection it offers to home crypto miners and mining businesses. The law explicitly states that both types of mining are legal in Oklahoma, allowing businesses to operate in areas designated for industrial use. Moreover, political subdivisions have the ability to change zoning regulations for mining businesses, but miners have the right to appeal such changes.
The Oklahoma Bitcoin Association praised the new legislation, calling it a groundbreaking move that sets a precedent for other states to follow. According to the association, Oklahoma is the first state to codify the rights of its citizens to run a node, mine, and self-custody their Bitcoin.
Satoshi Act Fund CEO Dennis Porter also expressed his support for the bill, emphasizing the importance of protecting self-custody in the face of increasing attacks on the cryptocurrency industry. Other states, such as Arkansas, have imposed restrictions on crypto mining, citing concerns such as noise pollution.
While Oklahoma’s new law is a positive development for the crypto community, the industry still faces challenges on a national level. Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, for example, aims to impose restrictions on various aspects of cryptocurrency transactions, including unhosted wallet providers and validators.
Despite these challenges, the passage of HB 3594 in Oklahoma signals a promising future for the crypto industry in the state. By protecting the rights of individuals to engage in crypto transactions and mining activities, Oklahoma is positioning itself as a leader in this rapidly evolving space.