In a groundbreaking move, Oklahoma has taken a bold step by becoming the first US state to legally protect the right to self-custody Bitcoin. By passing the new bill, residents in Oklahoma can now hold, control, and use digital assets without any state interference. This legislation, known as the ‘Bitcoin Rights’ bill or HB3594, was signed into law by Republican Governor Kevin Stitt, making it a significant moment for the crypto community.
The newly established law not only guarantees the right to self-custody Bitcoin but also the right to spend Bitcoin and other digital assets, mine Bitcoin, and run a node. Furthermore, it prohibits extra taxes on Bitcoin transactions and eliminates the need for Bitcoin miners and digital asset validators to obtain a money transmitter license. This legislation serves as a crucial blueprint for other states in the nation to follow, setting a precedent for the protection of personal wealth and digital asset ownership.
Protecting Personal Wealth
Dennis Porter, CEO and co-founder of the non-profit Satoshi Action Fund, played a key role in crafting the bill. He emphasized that the right to access and self-custody Bitcoin and digital assets must be protected, especially in the face of recent attacks on self-custody rights. Porter highlighted that managing personal wealth is a fundamental American value and essential for securing a prosperous future, making the passage of this bill even more crucial.
Political Interest in Digital Assets
The Oklahoma Bitcoin Association played a significant role in educating lawmakers about the benefits of Bitcoin, contributing to the successful passage of the bill. This cooperative effort underscores a broader trend of increasing political interest in digital assets, with Democrats and Republicans often having differing views on crypto regulations. As technology continues to evolve, perspectives on crypto are also changing beyond traditional partisan divides, marking a shift in how digital assets are viewed at the political level.
The passage of HB3594 in Oklahoma represents a significant milestone for cryptocurrency advocates, not only within the US but also on a global scale. Oklahoma has set a precedent that could potentially be mirrored by other US states and nations worldwide, highlighting the growing acceptance and importance of digital assets in today’s financial landscape. This legislation paves the way for greater freedom and security in managing digital assets, ushering in a new era of financial sovereignty for individuals.
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