Oklahoma Passes Law to Protect Bitcoin Self-Custody

Oklahoma Governor J. Kevin Stitt signed into law HB3594, which allows for the self-custody of Bitcoin by its citizens, fostering an inclusive financial environment. 

HB3594 was signed into law by the governor on 13 May, putting Oklahoma at the forefront of the US effort to regulate the cryptocurrency industry. 

Oklahoma To Allow Bitcoin Mining and Self-Custody

The new law stipulates that Oklahoma will not ban crypto payments or create industry taxes or fees. However, it will authorize certain digital asset mining and mining-related businesses.

HB3594 will offer crypto users benefits like self-custody via a wallet and purchasing goods or services. Cryptocurrencies will also function as payment methods. Meanwhile, crypto mining will only be allowed if it complies with local requirements. 

“It shall be legal in the State of Oklahoma to operate a node for the purpose of connecting to a blockchain protocol or a protocol built on top of a blockchain protocol and transferring digital assets on a blockchain protocol or to participate in staking on a blockchain protocol”, the document notes.

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The Oklahoma Bitcoin Association reported that the state is the first in the U.S. to legally protect rights to mine and self-custody BTC.

The CEO of the Satoshi Action Fund, Dennis Porter, considered the legislation positive because it will encourage crypto companies to operate in Oklahoma. He even pointed out that Bitcoin mining could create wind and sustainable energy projects. 

“Whether it’s managing wind farm intermittency or mitigating methane emissions from abandoned oil wells, #Bitcoin mining can monetize wasted and stranded energy, benefiting local infrastructure and generating opportunities in rural areas left behind by the tech boom,” Porter said.

Oklahoma joins 11 other states, including Louisiana, Ohio, Mississippi, and South Carolina, in enacting measures to safeguard Bitcoin. Meanwhile, increasing regulatory pressures persist in the United States.