Oklahoma Becomes First State in US to Legally Protect Right to Self-Custody Bitcoin
Oklahoma has made history by becoming the first state in the United States to pass a new bill that legally protects the right to self-custody Bitcoin. The recently signed legislation ensures that residents can hold, control, and use digital assets without interference from the state.
Republican Governor Kevin Stitt signed the ‘Bitcoin Rights’ bill — HB3594 — into law earlier this week. The legislation ensures that the state cannot restrict the use of crypto for legal transactions and guarantees the right to self-custody Bitcoin using hardware wallets.
In addition, the bill covers digital asset mining and allows citizens to engage in home mining activities as long as they comply with local noise ordinances. This addresses the energy-intensive nature of crypto mining, which often involves significant hardware and noise production.
Dennis Porter, CEO and co-founder of the non-profit Satoshi Action Fund, which assisted in crafting the bill, highlighted the importance of the legislation, stating: “The right to self-custody is now codified into law. This can now become a blueprint for the nation.”
Satoshi Action Fund is advocating for similar laws in 15 other states.
The newly established law guarantees the right to self-custody and to spend Bitcoin and other digital assets, mine Bitcoin, and run a node. It also prohibits additional taxes on Bitcoin transactions and eliminates the need for Bitcoin miners and digital asset validators to obtain a money transmitter license.
Porter emphasized the importance of protecting the right to access and self-custody Bitcoin and digital assets, stating that managing personal wealth is fundamental to American values and essential for securing a prosperous future.
The Oklahoma Bitcoin Association played a key role in educating lawmakers about the benefits of Bitcoin, which contributed to the successful passage of the bill. This aligns with a broader trend of increasing political interest in digital assets, often along partisan lines.
While Democrats at the federal level typically focus on potential risks associated with crypto, Republicans argue against regulations that they believe hinder innovation. Porter suggested that as technology receives more attention and scrutiny, perspectives on crypto are evolving beyond traditional partisan divides.
The passage of HB3594 is a significant milestone for cryptocurrency advocates. Oklahoma has set a precedent that could potentially be followed not only by other US states but also by other nations.
