Oklahoma Governor Kevin Stitt has officially signed a bill into law that sets a legal framework for blockchain technology and digital assets. This new piece of legislation prevents the Oklahoma government from placing restrictions on the usage of digital assets for lawful purchases or self-custody. The law stipulates that digital assets utilized as payment should not face extra taxes or charges compared to other payment methods.
The bill was originally introduced by State Representative Brian Hill in January. It legitimizes home-based digital asset mining in residential areas, provided that local noise ordinances are followed. For businesses conducting digital asset mining in industrial zones, there are no specific noise restrictions, other than those that already exist. Representative Hill remarked on May 9 after the bill’s passage that House Bill 3594 establishes a foundation that safeguards individuals’ rights to their digital assets. The law is slated to come into force on November 1, 2024.
Under this new legislation, miners are regarded as data centers. The bill outlines that political subdivisions are not allowed to impose requirements on digital asset mining companies that don’t also apply to data centers. An important aspect of the legislation is that it protects individuals and businesses involved in crypto mining or node operation from liabilities solely related to transaction validation. According to the bill, operating nodes or a series of nodes on a blockchain protocol does not necessitate obtaining a money transmitter license under Section 1513 of Title 6 of the Oklahoma Statutes.
The legislation establishes that no money transmitter license is needed for engaging in digital asset mining, running nodes, or participating in blockchain staking activities. Another protective measure in the bill is aimed at preventing discriminatory electricity rates specifically targeted at crypto-mining businesses. This ensures that miners can access electricity at similar rates to other industries.
Oklahoma is one of the pioneering states in the U.S. to adopt a comprehensive approach towards crypto legislation. This positions the state favorably within the budding blockchain and digital asset sectors, which are rapidly expanding. Being early in establishing a regulated environment, Oklahoma can attract businesses and entrepreneurs who are focused on blockchain technology and cryptocurrency.
The new legislation comes at a time when the United States Congress is actively discussing multiple bills regarding cryptocurrencies and blockchain technology. These discussions include the establishment of regulatory frameworks for stablecoins and other digital assets. Oklahoma’s proactive stance can serve as a model for federal and other state legislatures exploring similar regulatory measures.
As blockchain technology continues to evolve, states like Oklahoma are laying the groundwork to ensure legal clarity and technological advancement. The state’s comprehensive approach could potentially drive economic growth while safeguarding the interests of its citizens and businesses involved in the digital asset space.
Governor Stitt’s signing of this bill signifies that Oklahoma is prepared to embrace the future of digital technology, ensuring that its legal infrastructure keeps pace with innovations in blockchain and cryptocurrency. The bill is a definitive step towards fostering a balanced and inclusive environment for the digital economy in Oklahoma.
Crypto is so volatile! Encouraging people to invest in this is irresponsible at best.
Kudos to Oklahoma for embracing blockchain technology and setting a robust legal framework! This is the kind of progressive governance we need.
Governor Stitts leadership is taking Oklahoma to new heights! Super excited about the opportunities this new law will bring in blockchain technology.
This law is going to be a logistical nightmare for local governments to manage.
Bravo to Governor Stitt and the Oklahoma government! This is a fantastic step towards embracing the digital economy. Exciting times ahead!
Really? No extra taxes on digital payments? Seems like a huge loss in potential state revenue. 📉💸
Amazing news for Oklahoma! Governor Stitt is paving the way for a bright future in blockchain technology. Kudos to him and Representative Hill for this groundbreaking legislation!
So much focus on digital currencies while there are real issues like healthcare and education that need attention! 🎓🏥
Amazing job, Oklahoma! ⚡️ This legislation sets a solid foundation for the blockchain community. Can’t wait to see the growth it brings! 🚀
Governor Stitt and Representative Hill are leading the way! This new law is a great leap forward for digital asset mining and blockchain technology in Oklahoma. So proud!
Oklahoma is on the fast track to becoming a blockchain hub! Phenomenal news for the state and the tech community. Cheers to the leadership!
Instead of tackling real issues, the state is diving into controversial tech that may not even be here in a few years.
This sounds like a step backward. Encouraging industries that have a history of scams and hacks? No thanks!
Governor Stitt’s signing of this bill is a true milestone for Oklahoma! Such a positive move for the blockchain community. Beyond excited!
Oklahoma is pioneering the future of digital technology! So impressed with Governor Stitt’s move to embrace blockchain. Way to go!
Thrilled to see Oklahoma leading the charge in digital asset legislation! Representative Hill and Governor Stitt are setting an amazing example. Bravo!
This is fantastic news! Oklahomas new bill is an excellent example of forward-thinking governance. Kudos to all involved!
This is what proactive governance looks like! 🌟 Huge kudos to Oklahoma for setting a strong legal framework for blockchain and digital assets. Way to stay ahead of the curve! 📊
Hooray for Oklahoma! This progressive move puts the state on the map in the blockchain sphere. Props to the brilliant leadership!
This legislation just opens the floodgates for more environmental damage! Mining takes immense energy and Oklahoma shouldn’t support that!
Governor Stitt is completely out of touch with the needs of Oklahomans. This bill will bring more harm than good.
So impressed with Oklahoma’s forward-thinking approach! Governor Stitt is ensuring the state stays ahead in the blockchain revolution. Way to go!