Bitcoin self-management rights guaranteed in Oklahoma

Oklahoma has become the first state in the U.S. to pass a law protecting Bitcoin self-governance.

The new law will not prevent citizens from holding and controlling digital assets. hardware wallet. It also says states cannot ban or restrict the use of cryptocurrencies to purchase legitimate goods and services.

HB3594, the so-called ‘Bitcoin rights’ bill. sign a law On Monday, Oklahoma’s Republican Gov. Kevin Stitt and the nonprofit Satoshi Action Fund said more states would follow suit.

“Ultimately, I think lawmakers across the country are very open to these types of policies,” said Dennis Porter, the fund’s CEO and co-founder. decryption.

Also mentioned in the bill Digital Asset MiningAllows ordinary citizens limited participation in the industry.

“It is legal to engage in residential digital asset mining in Oklahoma as long as the person engaging in residential digital asset mining complies with all local noise ordinances,” the law states.

Cryptocurrency mining involves issuing new coins and keeping the digital coin network running. It is an energy-intensive industry that uses large amounts of hardware, space, and resources. Most Bitcoin mining operations today are industrial-scale operations that: make a lot of noise.

The Satoshi Action Fund created a template for the bill, which was introduced in 15 other states. The Oklahoma Bitcoin Association helped educate lawmakers about the benefits of Bitcoin and was instrumental in making Oklahoma the first state to pass the bill into law, Porter said.

Cryptocurrency has become an increasingly hot political topic. Evolving along partisan lines. At least at the national level, Democrats typically focus on: potential threat On the other hand, the Republican Party of Technology oppose regulation They are talking about hamstring innovation in a globally competitive market.

Porter said similar laws will inevitably be introduced in other states and that this is not a “left versus right” issue.

“Elizabeth Warren is a key figure in the Biden administration.He said, referring to U.S. Senator Elizabeth Warren, an outspoken cryptocurrency critic. “that‘It’s really similar to Elizabeth Warren and her banking cronies who influence federal policy.”

“As technology gets more attention and is scrutinized more and more, you start to see people on the left not believing what the mainstream media is saying about this technology and taking a closer look,” Porter added.

Edited by Ryan Ozawa.