Oklahoma signs bill into law protecting crypto spending, mining, and self-custody News ▸ US ▸ Regulation
Oklahoma signs bill into law protecting crypto spending, mining, and self-custody
Oklahoma enacts comprehensive crypto legislation safeguarding mining, spending, and self-custody rights effective November 1.
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Updated: May. 15, 2024 at 2:31 am UTC
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Oklahoma has signed into law a bill protecting crypto-related rights.
The Oklahoma State Legislature website indicates Governor Kevin Stitt approved HB 3594 on May 13.
The bill comes into effect on Nov. 1.
Under the new law, the Oklahoma state government cannot prohibit, restrict, or impair the use of crypto in purchases or the self-custody of crypto.
Furthermore, state and local governments cannot impose additional taxes or other charges specifically targeted at crypto. Taxes on legal tender apply.
Mining and other protections
HB 3594 also protects home crypto mining and mining businesses by declaring it legal to participate in either type of mining in Oklahoma.
The bill specifically ensures that businesses can operate crypto mining companies in areas zoned for industrial use. Political subdivisions can change the zoning of a mining business with the proper notice and comments, and mining firms can appeal the change in zoning.
The bill also prevents political subdivisions from placing specific noise restrictions and other rules on crypto mining businesses, though general noise ordinances and data center requirements apply.
The state’s public utilities commission, The Oklahoma Corporation Commission, cannot create discriminatory rate schedules for mining companies.
Oklahoma cannot require parties in engaged mining, staking, and variations to obtain a money transmitter license. Similarly, it cannot require those who operate a blockchain node to obtain a money transmitter license.
Industry support
The Oklahoma Bitcoin Association wrote:
“The law makes Oklahoma the FIRST State to codify the rights of its citizens to run a node, to mine, and to self-custody their Bitcoin.”
Satoshi Act Fund CEO and co-founder Dennis Porter commented on the bill, asserting that it addresses an “onslaught of attacks” on self-custody.
Certain US states and regions, most recently Arkansas, have imposed restrictions on crypto mining, sometimes citing noise pollution as a justification.
Meanwhile, attempts at US-wide legislation, including Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, aim to impose restrictions in similar areas. Warren’s bill aims to restrict unhosted wallet providers, digital asset miners, validators, and other nodes.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Elizabeth Warren is an American politician and former academic known for being fiercely anti-Bitcoin and anti-crypto.
