You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Oklahoma Enacts Watershed Bitcoin Rights Law Protecting Self-Custody Wallets

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.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

More Hong Kong Brokerages Are Providing Crypto Trading Services
14.06.2024By
Holograph Protocol Faces Exploit, Hacker Mints 1 Billion Native HLG Token
14.06.2024By
Millions of Shopify Merchants Can Accept Hundreds of Cryptos as Helio Upgrades Solana Pay Plugin
14.06.2024By

Latest news

More Hong Kong Brokerages Are Providing Crypto Trading Services
14.06.2024
Holograph Protocol Faces Exploit, Hacker Mints 1 Billion Native HLG Token
14.06.2024
Millions of Shopify Merchants Can Accept Hundreds of Cryptos as Helio Upgrades Solana Pay Plugin
14.06.2024
Spot ETH ETF Approvals Slated For This Summer, SEC Chair Gary Gensler Says
14.06.2024
Spot Bitcoin ETFs Witness $226M in Outflows, Marking Third Consecutive Day of Exodus
14.06.2024
MicroStrategy Increases Its Convertible Debt Sale By Another $200 Million To Buy More Bitcoin
14.06.2024
Near Foundation Spins out Nuffle Labs and Raising $13M Funding
13.06.2024
May Sees $1B in Crypto Investments, Slightly Down from Previous Month: KuCoin
13.06.2024
MoonPay and PayPal’s Partnership Expands to EU and UK
13.06.2024
Large South Korean Retailers Shut Down NFT Operations
13.06.2024