Oklahoma Passes Crypto Bill that Protects Right to self-custody Digital Assets

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Key Takeaways

  • The bill bans Oklahoma’s government from imposing restrictions on the use of digital assets for legal purchases or self-custody. 
  • The bill states that no money transmitter license is needed for engaging in digital asset mining, operating nodes, or participating in blockchain staking.
  • Under the bill, crypto mining businesses in industrial zones are allowed to operate without specific noise limits other than those already in place.

Oklahoma Governor Kevin Stitt has signed a Bitcoin Rights Bill bill that establishes a legal framework for blockchain technology and digital assets. 

The bill, HB3594, introduced by Republican state Rep. Brian Hill and carried by Republican state Sen. Bill Coleman prohibits Oklahoma’s government from imposing restrictions on the use of digital assets for legal purchases or self-custody. 

The new legislation protects the ability to use crypto to purchase legal goods and services, without the additional burden of tax imposed on digital assets. This helps align digital assets with traditional legal tender regarding tax treatment.

The bill effective from November 1, 2024, allows crypto mining businesses in industrial zones to operate without any noise limits other than those already in place. The crypto bill makes it legal for Oklahoma residents to mine crypto, both at home and on an industrial scale, as long as they comply with local noise ordinances. The legislation further states that political subdivisions are prohibited from imposing requirements on digital asset mining companies that are not also applicable to data centres.

To the respite of crypto miners, the bill establishes that no money transmitter license is needed for engaging in digital asset mining, operating nodes, or participating in blockchain staking.

The latest development comes amid another landmark crypto bill going up for a vote. On May 10, the House Committee on Rules said that it would consider the Financial Innovation and Technology for the 21st Century (FIT21) Act  which means the bill could go to a floor vote later in May

The Act established federal requirements over digital assets, providing the Commodity Futures Trading Commission (CFTC) with new jurisdiction over digital assets and clarifying the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets offered as part of an investment contract. Last month, US State Senators Kirsten Gillibrand and Cynthia Lummis also introduced legislation establishing a regulatory framework for payment stablecoins.

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Saniya Raahath
Saniya Raahath

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