Oklahoma Passes Landmark Bill Protecting Bitcoin Rights

Oklahoma has made a landmark move by passing a bill to protect bitcoin rights. Governor Kevin Stitt signed the bill into law on May 13, 2024. Championed by Representative Samuel Brian Hill and Senator Coleman, the legislation establishes key protections for bitcoin and digital asset holders. Effective November 1, 2024, it ensures fundamental rights for individuals and businesses engaged in digital asset activities, positioning Oklahoma as a leader in the digital economy.

Dennis Porter, CEO and co-founder of the Satoshi Action Fund highlighted the importance of state-level initiatives, stating, “Americans should wake up to the incredible political opportunity that is available at the state level. Throughout history, multiple movements and industries have utilized the states to deliver powerful victories for their cause, now Satoshi Action is poised to put the bitcoin and digital asset ecosystem onto the same trajectory.”

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Key Provisions Of The Bill

The bill guarantees the right to self-custody, allowing individuals to securely hold their digital assets. It permits using bitcoin and other digital currencies for transactions without additional taxes, aligning digital assets with traditional legal tender regarding tax treatment. This aims to streamline the use of cryptocurrencies in everyday transactions and foster a more inclusive financial environment.

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Bitcoin Mining

The bill supports bitcoin mining. It protects the right to mine bitcoin at home and through commercial operations. Oklahoma hopes to attract more blockchain businesses and investments by ensuring legal clarity and stability. The legislation prevents local governments from imposing restrictive measures specifically targeting mining activities, such as additional noise ordinances, while still adhering to general noise regulations.

Porter highlighted Oklahoma’s stance: “Oklahoma has now placed its flag in the ground to show the world that they will protect the right for Bitcoiners to access the technology.”

The bill also stipulates that the Oklahoma Corporation Commission cannot create discriminatory rate schedules for mining companies, ensuring fair utility rates and encouraging sustainable and economically viable mining practices.

Satoshi Action Fund

Dennis Porter and Satoshi Action Fund were key in advocating for the bill. They emphasize the importance of self-custody and the right to mine, arguing that these rights are fundamental to financial sovereignty and innovation. The fund has driven similar legislative efforts across other states, marking this a victory in their broader campaign to safeguard digital asset rights. The bill is based on model policy from Satoshi Action Fund.

Porter also noted, “Although this is the first state this law has passed, a slimmed-down version of this bill passed in Montana and Arkansas last year. I hope to see these pro-bitcoin policies become the blueprint for the nation and the world.”

The Oklahoma Bitcoin Association, led by Storm Rund, was crucial in passing the bill. Their lobbying and awareness efforts secured legislative support. Eric Peterson, Policy Director at Satoshi Action Fund, also contributed significantly. The legislation is seen as a step towards greater adoption of digital currencies, aiming to attract businesses, foster innovation, and create economic opportunities, particularly in rural areas benefiting from bitcoin mining.

Future Impact

When the bill takes effect on November 1, 2024, it sets a precedent for other states. The law provides clear legal protection for bitcoin users and supports new market entrants. Oklahoma positions itself at the forefront of the digital financial revolution by ensuring legal certainty. This legislation aims to attract blockchain businesses, drive innovation, and create economic opportunities, especially in rural areas.

Oklahoma’s proactive approach will likely inspire similar measures nationwide, solidifying its role as a leader in digital asset regulation. The bill’s success demonstrates the power of focused advocacy and strategic legislative action in shaping bitcoin’s future.