Oklahoma recently made history by becoming the first state in the US to legally protect the right to self-custody Bitcoin through the passing of a new bill. This legislation, known as the ‘Bitcoin Rights’ bill, ensures that residents can hold, control, and use digital assets without interference from the state. By allowing individuals to self-custody Bitcoin using hardware wallets, the law sets a precedent for other states to follow.
In addition to guaranteeing the right to self-custody Bitcoin, the newly signed bill covers various aspects of digital asset ownership. It allows residents to spend Bitcoin, engage in home mining activities, and run a node without facing restrictions from the state. By prohibiting extra taxes on Bitcoin transactions and eliminating the need for money transmitter licenses for miners and validators, Oklahoma has created a more favorable environment for cryptocurrency enthusiasts.
The CEO and co-founder of the Satoshi Action Fund, Dennis Porter, highlighted the significance of the Oklahoma Bitcoin Rights bill as a potential blueprint for other states to follow. The non-profit organization is pushing for similar laws in 15 other states, emphasizing the importance of protecting the right to access and self-custody Bitcoin in an increasingly digital world. Porter’s remarks underscore the need for national legislation to safeguard personal wealth management and promote financial freedom.
The successful passage of the bill in Oklahoma reflects a broader trend of increasing political interest in digital assets, with varying perspectives among lawmakers. While Democrats often focus on the risks associated with crypto, Republicans advocate for less regulation to encourage innovation in the industry. As technology continues to evolve, traditional political divides are shifting, leading to a more nuanced discussion around the future of cryptocurrency in the United States.
The Oklahoma Bitcoin Association played a pivotal role in educating lawmakers about the benefits of Bitcoin, contributing to the bill’s successful passage. By setting a major precedent at the state level, Oklahoma has opened the door for other states and nations to follow suit in protecting the rights of individuals to own and transact with digital assets. The passage of the ‘Bitcoin Rights’ bill marks a significant milestone for cryptocurrency advocates and signals a new era of legislative support for the industry.