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Oklahoma passes historic law guaranteeing individuals the right to self-custody cryptocurrency

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Oklahoma Enacts Landmark Legislation Establishing Rights To Self-Custody Crypto

Oklahoma has made history as the first US state to legally protect the right to self-custody Bitcoin through the passing of a groundbreaking bill. This new legislation guarantees residents the ability to hold, control, and use digital assets without interference from the state.

Republican Governor Kevin Stitt recently signed the ‘Bitcoin Rights’ bill – HB3594 – into law, ensuring that the use of crypto for legal transactions cannot be restricted and granting individuals the right to self-custody Bitcoin using hardware wallets.

In addition to covering digital asset mining, the bill permits citizens to engage in home mining activities while complying with local noise ordinances. This addresses the noise and energy-intensive nature of crypto mining, which often requires substantial hardware.

Dennis Porter, CEO of the non-profit Satoshi Action Fund, which assisted in drafting the bill, highlighted the importance of the legislation, stating:

“The right to self-custody is now codified into law. This can now become a blueprint for the nation.”

Satoshi Action Fund is advocating for similar laws in 15 other states and the newly established law not only guarantees the right to self-custody but also the rights to spend Bitcoin and other digital assets, mine Bitcoin, and run a node. Furthermore, it eliminates extra taxes on Bitcoin transactions and the need for money transmitter licenses for miners and validators.

Porter emphasized the importance of protecting the right to access and self-custody Bitcoin given recent threats, stating that the ability to manage personal wealth is crucial for securing a prosperous future.

The Oklahoma Bitcoin Association played a significant role in educating lawmakers about the benefits of Bitcoin, contributing to the successful passage of the bill. This aligns with the trend of increasing political interest in digital assets, often divided along partisan lines.

At the federal level, Democrats and Republicans have differing perspectives on crypto, but as technology gains more attention, views on crypto are evolving beyond traditional divides. The passage of HB3594 is a milestone for cryptocurrency advocates and sets a precedent that may be followed by other US states and nations worldwide.

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