New Law in Oklahoma Safeguards Citizens’ Rights to Own Bitcoin
Oklahoma lawmakers have recently approved legislation aimed at protecting citizens’ ability to own Bitcoin.
This move comes amidst heightened regulatory attention from the Federal Government and its agencies toward the emerging industry.
Oklahoma’s Fundamental Bitcoin Rights
In an April 26 post on X, Dennis Porter, the founder of Satoshi Action Fund, revealed that Rep. Brian Hill and Senator Bill Coleman sponsored the significant Bitcoin rights bill.
This legislative initiative will uphold individuals’ rights to self-custody their digital assets, engage in Bitcoin mining, operate full nodes, and conduct digital asset trading activities.
Porter contends that the bill protection of Bitcoin mining would allow miners to effectively utilize surplus energy resources, promote environmental sustainability, attract local investments, and create job opportunities. Furthermore, he emphasized the importance of this fundamental bill, especially in light of recent regulatory challenges facing the emerging industry.
“Without the ability to manage our own wealth and assets, we are no longer in control of our own destiny. We are no longer able to forge a better path for ourselves and our families. This is why it is critical to ensure that Americans (and all people of the world) are able to secure not only their Bitcoin but ALL their assets,” Porter said.
Moreover, Porter emphasized the significance of community backing as the bill navigates through the legislative channels, urging stakeholders to grasp the broader implications of the proposed law.
Oklahoma joins 11 other states, including Louisiana, Ohio, Mississippi, and South Carolina, in enacting measures to safeguard Bitcoin amid escalating regulatory pressures.
However, amidst these developments, US authorities have conducted various enforcement actions against the emerging industry.
During the past week, the US took action against the Samourai Wallet by seizing the website and arresting its co-founders. The authorities charged them with operating an unlicensed money-transmitting business due to the wallet’s coin-mixing features allegedly used for money laundering.
Furthermore, Senator Elizabeth Warren reiterated her call for stringent regulations on cryptocurrencies. In a letter to the Department of Justice and the US Treasury Department, she emphasized the growing exploitation of digital assets in facilitating transactions related to child sexual abuse material (CSAM).
“The pseudonymity provided by cryptocurrency has allowed the payments for CSAM to “move quickly into the crypto world,” and we are committed to ensuring that Congress and the Administration have the full suite of tools needed to end CSAM and punish sellers of this material,” the senator wrote.
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