Oklahoma has signed a law protecting crypto-related rights.
The Oklahoma State Legislature website indicates that Governor Kevin Stitt passed HB 3594 on May 13.
The bill will come into effect on November 1.
Under the new law, the Oklahoma state government cannot ban, restrict, or impair the use of crypto in purchases or the self-management of crypto.
Additionally, state and local governments cannot impose additional taxes or other fees specifically targeting crypto. Legal tender taxes apply.
Mining and other protections
HB 3594 also protects crypto mining and home mining companies by making it legal to engage in both types of mining in Oklahoma.
The bill specifically ensures that companies can operate crypto mining farms in areas designated for industrial use. Political subdivisions may change a mining company’s zoning ordinance with appropriate notice and comment, and mining companies may appeal the zoning ordinance change.
The bill also prevents political branches from imposing specific noise restrictions and other regulations on crypto mining companies, although general noise ordinances and data center requirements apply.
The state Public Utilities Commission, the Oklahoma Corporation Commission, cannot set discriminatory rate schedules for mining companies.
Oklahoma cannot require parties involved in mining, staking and variations to obtain a money transmission license. Likewise, it cannot require those operating a blockchain node to obtain a money transfer 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, mine and self-manage their Bitcoin.”
CEO and co-founder of the Satoshi Act Fund, Dennis Porter, commented on the bill, claiming it addresses an “onslaught of attacks” on self-determination.
Certain US states and regions, most recently Arkansas, have imposed restrictions on crypto mining, sometimes citing noise pollution as justification.
Meanwhile, attempts at US 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.