Oklahoma Governor Kevin Stitt achieved a significant victory for digital asset enthusiasts on Monday by signing the Bitcoin Rights Bill (HB3594) into law. This legislation aims to safeguard fundamental cryptocurrency rights in response to the U.S. government’s increased regulation of self-custody wallets.
Spearheaded by Congressman Samuel Brian Hill in the House and Senator Bill Coleman, the new law prohibits the state government from banning or restricting the use of digital assets for purchasing legal goods and services, as well as the self-custody of digital assets using self-hosted or hardware wallets.
HB3594 A.K.A Bitcoin Rights Bill Passes In Oklahoma
Equally important, HB3594 will prohibit additional taxes on Bitcoin when used as a form of payment and protect the right of Oklahomans to mine cryptocurrency. It also clarifies that certain individuals are not required to obtain a money transmitter license.
Based on policy drafts created by the non-profit Satoshi Action Fund, this bill strengthens Oklahoma’s pro-crypto stance regarding digital asset regulation.
“The idea that ‘We the People’ cannot hold our own assets is antithetical to American values. Without the ability to manage our wealth, we lose control of our destiny and the chance to create better futures for our families,” said Satoshi Action Fund CEO Dennis Porter. “This law ensures that everyone can secure not only their #Bitcoin but all their assets.”
The U.S. Cracks Down On Self-Custody Wallets
News of the state-wide legislation comes amid the federal government’s crackdown on cryptocurrencies, particularly regarding self-custody wallets.
Last month, the Department of Justice arrested Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill on charges of conspiracy to commit money laundering and allegedly operating an unlicensed money-transmitting business.
Similarly, Tornado Cash developers Roman Storm and Roman Semenov were charged with conspiracy to commit money laundering and sanctions violations.
U.S. authorities are particularly concerned about the use of crypto mixers in financing illicit criminal and terrorist activities. Tornado Cash has been accused of facilitating more than $1 billion in money laundering transactions for the North Korean hacker group Lazarus Group.
Meanwhile, the founders of Samourai Wallet are accused of executing $2 billion in unlawful transactions and facilitating over $100 million in money laundering transactions from illegal dark web markets.
Pro-crypto proponents have expressed outrage over the federal charges, arguing that self-custody is essential for protecting individuals from bad actors in the digital asset sector.
“Given the recent onslaught of attacks on self-custody, there could not be a more important time to send a message that the right to access and self-custody #Bitcoin and digital assets MUST be protected,” Porter continued.
HB3594 will take effect on November 1 of this year. It remains unclear whether its passage in Oklahoma will inspire other state legislatures to adopt similar measures.
