Oklahoma Signs Bill Protecting Crypto Rights
In a groundbreaking move, Oklahoma has officially signed into law a bill that protects the rights of individuals involved in cryptocurrency transactions. Governor Kevin Stitt approved HB 3594 on May 13, which is set to come into effect on November 1.
Under the new legislation, the Oklahoma state government is prohibited from restricting or impairing the use of cryptocurrency in purchases or the self-custody of digital assets. Additionally, state and local governments are not permitted to levy additional taxes or charges specifically targeting cryptocurrency transactions, with taxes on legal tender still applying.
The bill also provides protections for home cryptocurrency mining and mining businesses, declaring it legal to participate in these activities in the state. Businesses are allowed to operate crypto mining companies in areas zoned for industrial use, and political subdivisions can only change the zoning of a mining business with proper notice and opportunity for public comment.
Furthermore, the bill prevents political subdivisions from imposing specific noise restrictions and other rules on crypto mining businesses, while still requiring compliance with general noise ordinances and data center regulations. The Oklahoma Corporation Commission is also prohibited from creating discriminatory rate schedules for mining companies.
The law has garnered support from the Oklahoma Bitcoin Association, which hailed the legislation as a milestone in safeguarding citizens’ rights to run a node, mine cryptocurrency, and self-custody their Bitcoin. Industry experts, such as Satoshi Act Fund CEO Dennis Porter, also praised the bill for addressing the recent wave of attacks on self-custody practices.
As other states, like Arkansas, have imposed restrictions on crypto mining citing noise pollution concerns, Oklahoma’s move to protect these activities sets a significant precedent. On the federal level, proposed legislation like Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act seeks to impose similar restrictions on unhosted wallet providers, digital asset miners, validators, and other nodes.
The passage of HB 3594 in Oklahoma signifies a major win for the cryptocurrency community and sets a new standard for protecting individual rights in the evolving digital asset landscape.
