Oklahoma has taken a significant step towards protecting the rights of cryptocurrency users with the recent approval of HB 3594 by Governor Kevin Stitt. This groundbreaking legislation, set to take effect on November 1, prohibits the state government from limiting the use of crypto in purchases or self-custody. Additionally, state and local authorities are barred from imposing extra taxes or fees specifically targeting cryptocurrency transactions, with regular taxes on legal tender still applicable.
One of the key provisions of the new law is the protection of home-based crypto mining as well as mining businesses operating within the state. The bill explicitly permits individuals and companies to engage in mining activities in designated industrial zones. It also ensures that any changes to the zoning regulations affecting mining operations must be accompanied by proper notice and opportunities for input from the affected parties.
Moreover, the legislation prohibits political subdivisions from imposing arbitrary restrictions on crypto mining businesses, such as specific noise regulations. While general noise ordinances and data center requirements still apply, the bill aims to prevent any discriminatory practices that could hinder the growth of the crypto industry in the state.
The Oklahoma Bitcoin Association hailed the new law as a landmark achievement, proclaiming Oklahoma as the first state to formally recognize the rights of its citizens to run blockchain nodes, participate in mining activities, and securely hold their cryptocurrency assets. This move sets a precedent for other states to follow in safeguarding the crypto rights of their residents.
In light of increasing regulatory scrutiny and challenges facing the crypto industry, the passing of HB 3594 represents a significant win for advocates of digital assets. Dennis Porter, CEO of Satoshi Act Fund, praised the bill for countering the “onslaught of attacks” on self-custody practices. At a time when some states and federal lawmakers are proposing restrictive measures on crypto activities, Oklahoma’s proactive stance sets it apart as a crypto-friendly jurisdiction.
As the landscape of cryptocurrency regulation continues to evolve, Oklahoma’s proactive approach towards protecting the rights of crypto users and businesses serves as a beacon of hope for the industry. By enshrining key provisions into law, the state has taken a bold step towards fostering innovation and economic growth within the crypto sector.
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