The 'Bitcoin Rights' bill signed by Governor Stitt, enhancing Oklahoma's stance as a Bitcoin-friendly state.
Oklahoma Governor Kevin Stitt has signed into law a comprehensive 'Bitcoin Rights' bill, which establishes legal protections for individuals and businesses engaging in Bitcoin mining and transactions. The bill, formally known as HB3594, was signed on Monday and is designed to create a favorable environment for Bitcoin within the state.
The bill, introduced by Republican state Representative Brian Hill and shepherded through the Senate by Republican state Senator Bill Coleman, aims to safeguard the rights of Oklahomans to self-custody their Bitcoin. This includes the use of self-hosted or hardware wallets without fear of a potential ban.
The bill ensures that residents can legally mine Bitcoin, both in a personal and industrial capacity, as long as they adhere to local noise regulations. This provision comes at a time when Oklahoma is increasingly becoming a hub for Bitcoin mining operations, highlighted by Polaris Technologies' recent announcement of a $100 million investment in a new mining facility near Tulsa.
The 'Bitcoin Rights' bill also addresses concerns over potential legislative actions that might inhibit Bitcoin mining, as seen in other states like New York and North Carolina. It clarifies that Bitcoin miners or node operators will not need a money transmitter license and will not be held liable for transactions they validate.
Furthermore, the law protects the use of Bitcoin for purchasing legal goods and services without imposing additional taxes based on the method of payment.
The Satoshi Action Fund, an advocacy group focused on state-level bitcoin mining policy, has played a pivotal role in inspiring the legislation. The group has been instrumental in introducing similar bills in 15 other states, thereby influencing a broader shift towards Bitcoin-friendly policies across the nation.
The bill is set to take effect on November 1, 2024.
