Oklahoma recently made headlines with the signing of a new bill, HB 3594, into law by Governor Kevin Stitt. This bill, set to take effect on November 1, is aimed at protecting crypto-related rights within the state. One of the key aspects of this legislation is that the Oklahoma state government is now prohibited from restricting or impairing the use of crypto in purchases or self-custody.
One of the major highlights of HB 3594 is the support it provides for home crypto mining and mining businesses. The bill explicitly states that it is legal to participate in either type of mining in Oklahoma. This is a significant step towards creating a favorable environment for crypto mining companies to operate within the state. Additionally, businesses can now operate crypto mining companies in areas zoned for industrial use, further solidifying the state’s support for this industry.
Furthermore, the new legislation protects mining businesses from arbitrary restrictions set by political subdivisions. For example, specific noise restrictions and other rules cannot be imposed on crypto mining businesses, although general noise ordinances and data center requirements still apply. Additionally, the Oklahoma Corporation Commission is prohibited from creating discriminatory rate schedules for mining companies, ensuring fair treatment within the state.
The Oklahoma Bitcoin Association hailed the new law as groundbreaking, highlighting that Oklahoma is the first state to codify the rights of its citizens to run a node, mine crypto, and self-custody their Bitcoin. This recognition of the fundamental rights of individuals in engaging with crypto sets a precedent for other states to follow and demonstrates Oklahoma’s commitment to fostering innovation in the digital asset space.
The significance of this legislation is further underscored by the comments of Satoshi Act Fund CEO and co-founder Dennis Porter, who noted that it addresses an “onslaught of attacks” on self-custody. With the crypto industry facing increasing scrutiny and regulation at both the state and federal levels, Oklahoma’s proactive stance in protecting crypto rights sets it apart as a jurisdiction that is willing to support and nurture this emerging sector.
Oklahoma’s new crypto legislation marks a significant milestone in the state’s efforts to create a supportive and conducive environment for the crypto industry. By enshrining the rights of its citizens to engage in crypto-related activities and protecting businesses from arbitrary restrictions, Oklahoma is positioning itself as a leader in recognizing the importance of digital assets in the modern economy. This forward-thinking approach bodes well for the future growth and development of the crypto sector within the state.
Leave a Reply