Oklahoma Passes Bill to Protect Fundamental Cryptocurrency Rights

On May 13, 2024, Oklahoma made a significant move in the cryptocurrency world by passing "HB3594," a bill aimed at safeguarding the fundamental rights of cryptocurrency users.

This new law, which will take effect on November 1, 2024, ensures the protection of self-custody, payments, and mining of cryptocurrencies, marking a pivotal moment for the digital asset industry in the state.

Discover what this groundbreaking legislation entails and its potential impact on the future of cryptocurrency in Oklahoma.

Protection of Cryptocurrency Self-Custody, Payments, and Mining

On May 13, 2024, the state of Oklahoma passed "HB3594," a bill aimed at protecting the fundamental rights related to cryptocurrencies (digital assets).

This legislation addresses the use and regulation of blockchain technology and digital assets, ensuring that the Oklahoma government cannot infringe upon basic rights such as cryptocurrency self-custody, cryptocurrency payments, and mining activities.

The bill includes specific provisions to allow individuals and businesses in Oklahoma to safely hold, use, and mine cryptocurrencies. The key points of the bill are:

• Prohibition of restrictions or bans on the purchase of goods using cryptocurrency payments by the Oklahoma government.
• Prohibition of restrictions or bans on self-custody of cryptocurrencies using self-custody wallets or hardware wallets by the Oklahoma government.
• Ban on imposing additional taxes or fees on cryptocurrency payments.
• Permission for household cryptocurrency mining, provided it complies with local noise ordinances.
• Permission for specific cryptocurrency mining businesses, provided they comply with local noise ordinances.
• Ban on discriminatory electricity rates for cryptocurrency mining businesses.
• Exemption of individuals and businesses engaged in mining or staking from obtaining a money transmission license.

New Law to Take Effect on November 1, 2024

The newly passed cryptocurrency bill was signed by Oklahoma Governor Kevin Stitt (Republican) on May 13, 2024, and is set to take effect on November 1, 2024.

The bill has been highly praised within the cryptocurrency industry as a groundbreaking measure to protect fundamental cryptocurrency rights. Oklahoma's supportive stance towards cryptocurrency has also garnered significant commendation.

However, there are concerns that this bill might create challenges in aligning with rules set by other states and governments. It is anticipated that a balance will need to be struck to prevent money laundering and other illegal activities.

While some opinions criticize the U.S. federal government's "hostile stance towards cryptocurrency," certain states are advancing cryptocurrency-friendly regulations. If such trends continue, the overall cryptocurrency environment in the U.S. might see improvements.

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