Oklahoma Governor’s Support for Digital Assets
Oklahoma Governor Kevin Stitt recently made strides in supporting digital assets by signing a new legislation known as the Bitcoin rights bill, or HB3594. This bill, championed by Congressman Samuel Brian Hill and Senator Bill Coleman, aims to safeguard essential crypto rights in the face of increasing scrutiny on self-custody wallets by the U.S. government.
The newly enacted law prohibits the state government from imposing limitations on the use of digital assets for purchasing goods/services or on self-custody using self-hosted or hardware wallets. Moreover, the bill prevents additional taxes on Bitcoin transactions and asserts the right of Oklahomans to mine without the need for a money transmitter license.
“The idea that ‘We the People’ cannot hold our own assets is antithetical to American values. Without the ability to manage our wealth, we lose control of our destiny and the chance to create better futures for our families,” said Dennis Porter, CEO of the Satoshi Action Fund.
“This law ensures that everyone can secure not only their #Bitcoin but all their assets.”
Impact of State-Wide Legislation on Crypto Community
The passing of HB3594 in Oklahoma comes at a crucial time as the federal government intensifies its crackdown on cryptocurrencies, especially regarding self-custody wallets. Recent arrests of individuals associated with crypto platforms have raised concerns about illegal activities conducted using digital assets.
Proponents of cryptocurrency have voiced their support for the protection of self-custody rights, highlighting the necessity for individuals to safeguard their assets from illicit actors within the industry. The looming implementation of HB3594 on November 1st underscores the significance of upholding the right to access and self-custody Bitcoin and other digital assets.
