As a researcher with a background in blockchain technology and digital asset regulation, I am thrilled to see Oklahoma passing the OKHB3594 bill, which protects residents’ rights to self-custody digital assets, including cryptocurrencies.
Beginning November 1, Oklahoma has enacted legislation ensuring the personal control of digital assets, inclusive of cryptocurrencies, for its residents.
As a crypto investor, I’ve kept a close eye on the recent developments in Oklahoma’s legislative scene. Last week, Governor Kevin Stitt put his signature on a bill I’m particularly interested in – OKHB3594. This legislation was strongly supported by my fellow Republican lawmakers, such as Senators Bill Coleman and Dana Prieto, and Representatives Brian Hill and Cody Maynard.
This legislation clearly forbids any limitations or bans on the usage or personal storage of digital assets via self-managed or hardware wallets. Simultaneously, it grants Oklahomans the freedom to mine cryptocurrencies domestically, be it at home or industrially, subject to observing local noise regulations.
I’m thrilled to have contributed to the victories of #Bitcoin investors in Oklahoma and throughout the United States 🇺🇸!
The right to self-custody of digital assets has been legally recognized. This can serve as a model for the country moving forward.
Consider joining us as a monthly member to support our ongoing efforts: [Membership Link]
— Dennis Porter (@Dennis_Porter_) May 16, 2024
This law exempts people involved in home-based digital asset mining, staking, staking-as-a-service, or running digital asset mining businesses from the requirement of obtaining a money transmitter license. Additionally, it prohibits the imposition of discriminatory electricity rates against digital asset mining operations.
As a crypto investor, I can tell you that using cryptocurrencies for buying goods and services comes with the added benefit of avoiding additional taxes. The legislation clearly states that digital assets employed as a means of payment will not be subjected to any extra taxes, withholdings, assessments, or fees by either state or local authorities, solely due to their usage as a payment method.
Dennis Porter, the CEO of Satoshi Act Fund, lauded the X bill, describing it as trailblazing and highlighting its significance in upholding “essential Bitcoin freedoms.”
“The concept that ‘We the People’ are unable to oversee our own possessions, including bitcoin, goes against American values. By losing the power to manage our wealth, we relinquish control of our future and the opportunity to build brighter futures for our loved ones. This legislation aims to guarantee that every individual can safeguard not only their bitcoin but all their assets.” – Porter’s statement in a post on X.
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2024-05-17 19:26