Oklahoma has made history by becoming the first state in the United States to legally protect the right to self-custody Bitcoin through the passing of a new bill. This legislation, known as the ‘Bitcoin Rights’ bill or HB3594, was signed into law by Republican Governor Kevin Stitt. The bill explicitly states that residents of Oklahoma can hold, control, and utilize digital assets without any interference from the state. Not only does this bill protect the right to self-custody Bitcoin, but it also allows for the use of hardware wallets, digital asset mining, and home mining activities while adhering to local noise ordinances.
The significance of this new law has been emphasized by Dennis Porter, CEO and co-founder of the non-profit organization Satoshi Action Fund. Porter believes that the right to self-custody is a fundamental freedom that should be protected by law. He views the Oklahoma legislation as a blueprint for other states to follow and is advocating for similar laws in 15 other states. The law guarantees the right to self-custody, spend, mine, and run a node with Bitcoin and other digital assets, while also eliminating the need for extra taxes and money transmitter licenses for Bitcoin transactions.
Porter has stressed the importance of protecting the right to access and self-custody Bitcoin and digital assets, especially in the face of increasing attacks on this freedom. He believes that managing personal wealth is not only a core American value but is also essential for securing a prosperous future. The Oklahoma Bitcoin Association played a vital role in educating lawmakers about the benefits of Bitcoin, helping to secure the successful passage of the bill. This effort aligns with a growing trend of political interest in digital assets, with differing views on regulation often falling along partisan lines.
The passage of HB3594 in Oklahoma marks a significant milestone for cryptocurrency advocates. By legally protecting the right to self-custody Bitcoin, Oklahoma has set a precedent that could be followed by other states in the US and even by other countries around the world. As technology continues to evolve and garner more attention, perspectives on digital assets like Bitcoin are also changing, transcending traditional partisan divides. The passage of this bill is not just a victory for Bitcoin enthusiasts in Oklahoma but is also a step towards recognizing the importance of personal financial freedom in the digital age.
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