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Oklahoma Crypto Rights Bill: A Game Changer for the Industry
Oklahoma has recently made a significant move in the world of cryptocurrency by signing into law a bill that protects crypto-related rights. Governor Kevin Stitt approved HB 3594 on May 13, and the bill will come into effect on November 1st.
Under this new law, the Oklahoma state government is prohibited from imposing any restrictions on the use of cryptocurrencies for purchases or self-custody. Additionally, state and local governments are banned from levying additional taxes or charges specifically targeting cryptocurrencies, with taxes on legal tender still applying.
Protecting Mining Operations
HB 3594 goes beyond just protecting the use of cryptocurrencies in transactions. It also safeguards home crypto mining and mining businesses by legalizing participation in both types of mining activities in the state of Oklahoma.
The bill ensures that businesses can operate crypto mining companies in areas zoned for industrial use. Moreover, any zoning changes that affect mining operations require proper notice and comments, with the ability for mining firms to appeal these changes.
Political subdivisions are prevented from imposing specific noise restrictions and other rules on crypto mining businesses, although general noise ordinances and data center requirements will still apply. Additionally, the state’s public utilities commission, The Oklahoma Corporation Commission, is barred from creating discriminatory rate schedules for mining companies.
Notably, the bill also eliminates the requirement for parties engaged in mining, staking, and other related activities to obtain a money transmitter license. Similarly, individuals operating a blockchain node are not required to obtain a money transmitter license under this new law.
Industry Reaction and Response
The Oklahoma Bitcoin Association praised the new law, stating that it makes Oklahoma the first state to officially recognize and protect the rights of its citizens to run a node, mine cryptocurrencies, and self-custody their Bitcoin.
Dennis Porter, CEO and co-founder of the Satoshi Act Fund, applauded the bill for addressing what he described as an “onslaught of attacks” on self-custody rights within the cryptocurrency industry. He highlighted the fact that some U.S. states, like Arkansas, have recently imposed restrictions on crypto mining, often citing noise pollution concerns as a justification.
Furthermore, there have been attempts at the national level to introduce legislation, such as Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, which seeks to impose restrictions on unhosted wallet providers, digital asset miners, validators, and other nodes.
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