Categories: U.S. Regulation

Oklahoma Passes Landmark Legislation to Protect Bitcoin Custody Rights

Oklahoma has officially passed legislation that will protect Bitcoin custody rights. Specifically, the state has signed a bill, HB3594, into law protecting the custody of the leading cryptocy for its citizens. Moreover, the move protects Oklahomans from bans or extra fees for their crypto holdings.

The state’s governor, J. Kevin Stitt, officially signed the bill into law this week, which is a massive step forward in digital asset legislation for the United States. Specifically, the development establishes Oklahoma as a state at the forefront of regulatory legislation in the entire country.

Over the last several years, the United States has showcased its borderline contempt for the digital asset industry through its regulatory developments. The US Securities and Exchange Commission (SEC) has consistently sought regulation through enforcement. The result has been a plethora of lawsuits with no guiding legal framework for emerging companies.

At least in one state, that has changed. Indeed, Oklahoma has officially passed legislation that protects Bitcoin custody rights in the state. Specifically, the state’s citizens are now protected, with the bill promising to not ban crypto payments, or implement accessive taxes and fees on the industry.

Satoshi Action Fund CEO Dennis Porter recently discussed the massive breakthrough the development is. Porter called the legislation “hugely massive” while discussing its additional defense of the right to spend and mine Bitcoin, as well as the right to run a node.

Oklahoma is now one of just 11 states that have implemented Bitcoin safeguard legislation. Specifically, those include Louisana, Ohio, Mississippi, South Carolina, and now Oklahoma. The US, on a federal level, continues its scrutiny of the industry. However, these states have promoted the belief that regulatory clarity and the protection of digital asset rights can be upheld in the country.

Terron Gold