Oklahoma has taken a bold step forward by signing a bill into law that protects crypto-related rights. Governor Kevin Stitt approved HB 3594 on May 13, setting it to come into effect on Nov. 1. This groundbreaking law ensures that the state government cannot interfere with the use of crypto in purchases or the self-custody of crypto. It also prohibits state and local governments from imposing additional taxes or charges specifically targeting crypto transactions. However, taxes on legal tender still apply.
Support for Crypto Mining
HB 3594 also provides protection for home crypto mining and mining businesses in Oklahoma. It declares it legal to participate in either type of mining in the state, allowing businesses to operate crypto mining companies in industrial areas. This law ensures that mining businesses have the right to challenge zoning changes by political subdivisions and prevents the imposition of specific noise restrictions on crypto mining operations. While general noise ordinances and data center requirements still apply, the bill sets a clear path for the development of the crypto mining industry in Oklahoma.
The Oklahoma Bitcoin Association celebrated the new law as a milestone achievement, making Oklahoma the first state to formally recognize the rights of its citizens to run a node, engage in mining activities, and self-custody their Bitcoin. This legislation sets a precedent for other states to follow in protecting the rights of crypto users and businesses.
Satoshi Act Fund CEO and co-founder Dennis Porter praised the bill for addressing the recent onslaught of attacks on the self-custody of crypto assets. While some states have imposed restrictions on crypto mining, citing concerns like noise pollution, Oklahoma’s proactive approach sets it apart as a welcoming environment for crypto innovation and investment. In contrast, US-wide legislation such as Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act aims to impose restrictions on various crypto activities, highlighting the importance of state-level initiatives like the one adopted in Oklahoma.
The new legislation in Oklahoma marks a significant milestone in the recognition and protection of crypto rights. By embracing innovation and creating a supportive environment for crypto businesses, the state is poised to lead the way in the rapidly evolving crypto landscape. With the implementation of HB 3594, Oklahoma has set a benchmark for other states to emulate in fostering a thriving crypto ecosystem.