This move is a milestone in the state’s regulatory landscape and boosts its reputation as a crypto-friendly hub.
HB3594, dubbed the “Bitcoin Rights” bill, was championed by Republican Rep. Brian Hill and carried by Sen. Bill Coleman.
Oklahoma Embraces Bitcoin: HB3594 Signed into Law
Its inception was inspired by model policy from Satoshi Action Fund, a state-focused bitcoin mining advocacy group. This group has played a pivotal role in introducing similar legislation in 15 other states across the nation.
The passage of HB3594 comes at a critical juncture for the cryptocurrency industry, particularly amidst heightened scrutiny and regulatory challenges at the federal level. Recent crackdowns on crypto mixing services and other privacy tools, coupled with criminal charges against developers of platforms like Samourai Wallet and Tornado Cash, have stirred concerns about potential restrictions on self-custody practices. However, Oklahoma’s proactive stance with the ‘Bitcoin Rights’ bill sends a clear message of support for individual sovereignty and financial freedom.
🚨HUGELY MASSIVE BRREAKING🚨: A bill protecting your ‘fundamental #Bitcoin rights’ has been SIGNED INTO LAW in the state of Oklahoma.
Oklahoma will now defend your:
✅ Right to self-custody
✅ Right to spend #Bitcoin and digital assets
✅ Right to mine #Bitcoin
✅ Right to run… pic.twitter.com/KdPsmLBzDo— Dennis Porter (@Dennis_Porter_) May 14, 2024
By enshrining the rights of Oklahomans to engage in cryptocurrency activities without undue interference, Governor Stitt and state legislators have positioned Oklahoma as a trailblazer in fostering innovation and economic growth in the digital asset space. The move not only provides clarity and legal protection for individuals and businesses operating within the state but also sets a positive precedent for other jurisdictions grappling with similar regulatory considerations.
SIGNED! ✍️🎉
On Monday afternoon, Gov. Kevin Stitt put Oklahoma on the forefront of #Bitcoin legislation by signing HB3594 into law.
The law makes Oklahoma the FIRST State to codify the rights of its citizens to run a node, to mine, and to self-custody their Bitcoin. pic.twitter.com/nw2Fx1jchA
— Oklahoma Bitcoin Association (@oklahomabtc) May 14, 2024
Furthermore, the collaborative efforts between state lawmakers and advocacy groups like Satoshi Action Fund highlight the importance of grassroots activism in shaping crypto-friendly policies at the state level. By leveraging model legislation and coordinating advocacy efforts, these groups have been instrumental in advancing the interests of crypto enthusiasts and industry stakeholders nationwide.
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