Breaking News: Oklahoma Passes Bitcoin Rights Bill
In a significant victory for digital asset supporters, Governor Kevin Stitt of Oklahoma signed a new bill into law aimed at safeguarding fundamental crypto rights amid the U.S. government’s crackdown on self-custody wallets.
New Legislation Protects Bitcoin Rights in Oklahoma
The Bitcoin Rights Bill (HB3594), championed in the House by Congressman Samuel Brian Hill and Senator Bill Coleman, prohibits the state government from banning or restricting the use of digital assets for purchasing legal goods/services or self-custody using a self-hosted or hardware wallet.
- HB3594 also prohibits additional taxes when digital assets are used as payment.
- The bill protects Oklahomans’ right to mine crypto and clarifies that certain individuals are not required to obtain a money transmitter license.
Satoshi Action Fund’s Influence on the Bill
Based on drafts from the non-profit Satoshi Action Fund, the new law further solidifies Oklahoma’s positive stance on digital asset regulation.
U.S. Government’s Concerns About Self-Custody Wallets
Meanwhile, federal authorities have been cracking down on self-custody wallets, citing concerns about their potential use in criminal activities.
- Recent arrests and charges have targeted individuals for alleged money laundering and operating unlicensed money-transmitting businesses.
- Developers of privacy-focused crypto tools like Tornado Cash have also faced legal action related to money laundering and sanctions violations.
Importance of Self-Custody Rights
Proponents of crypto self-custody argue that it is essential for safeguarding assets and privacy in the digital asset space, particularly in light of recent government actions.
- They emphasize the need for individuals to have the right to access and control their digital assets, including Bitcoin.
- The passage of HB3594 in Oklahoma signifies a critical step in protecting these rights and setting a precedent for other states to follow.
Hot Take: Protecting Crypto Rights in a Changing Regulatory Landscape
With the enactment of the Bitcoin Rights Bill in Oklahoma, the state has taken a proactive stance in safeguarding crypto rights and self-custody practices, setting an example for other jurisdictions to consider similar legislation in the future.
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