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Oklahoma Passes Bill Protecting Cryptocurrency Self-Custody Rights
Oklahoma has passed a bill to safeguard residents’ rights to self-custody digital assets, including cryptocurrencies, effective November 1.
The legislation, called OKHB3594it was signed into law by Governor Kevin Stitt and supported by Republican lawmakers, including state Senators Bill Coleman and Dana Prieto and state Representatives Brian Hill and Cody Maynard.
The bill explicitly prohibits any restriction or prohibition on the use or personal custody digital assets via self-hosted or hardware wallets. It also allows Oklahomans to mine cryptocurrencies at home or industrially, as long as they comply with local noise regulations.
The legislation also specifies that natural persons are engaged in domestic digital assets extraction, staking, staking as a service, or running a digital asset mining business do not require a money transfer license. It also ensures that discriminatory electricity tariffs are not permitted for digital asset mining operations.
Residents can use cryptocurrencies purchase goods and services without incurring additional taxes. The bill specifies that digital assets used as a payment method will not be subject to any additional tax, withholding, assessment, or charge by state or local governments based solely on their use as payment.
Dennis Porter, CEO of the Satoshi Act Fund, praised the bill on X as “revolutionary,” highlighting its role in protecting “Bitcoin fundamental rights.”
“The idea that ‘We the People’ cannot own our assets is antithetical to American values. Without the ability to manage our wealth, we lose control of our destiny and the ability to create better futures for our families. This law ensures that everyone can protect not just their own [bitcoin] but all their assets,” Porter said in an X post.