Oklahoma has become the first US state to legally protect the right to self-custody Bitcoin after passing a new bill. The newly signed legislation ensures that residents can hold, control, and use digital assets without state interference.Republican Governor Kevin Stitt signed the ‘Bitcoin Rights’ bill — HB3594 — into law earlier this week. The legislation prohibits the state from restricting the use of crypto for legal transactions and guarantees the right to self-custody Bitcoin using hardware wallets.The bill also covers digital asset mining and allows citizens to engage in home mining activities, provided they adhere to local noise ordinances. This aspect addresses the energy-intensive nature of crypto mining, which often involves substantial hardware and can generate significant noise.Dennis Porter, CEO and co-founder of the non-profit Satoshi Action Fund, which helped craft the bill’s template, emphasized the significance of the legislation, stating:“The right to self-custody is now codified into law. This can now become a blueprint for the nation.”Satoshi Action Fund is advocating for similar laws in 15 other states.The newly established law guarantees the right to self-custody, as well as the right to spend Bitcoin and other digital assets, mine Bitcoin, and run a node. Additionally, it bans extra taxes on Bitcoin transactions and eliminates the need for Bitcoin miners and digital asset validators to obtain a money transmitter license.According to Porter:“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.”He emphasized that the ability to manage personal wealth is fundamental to American values and crucial for securing a prosperous future.The Oklahoma Bitcoin Association played a crucial role in educating lawmakers about the benefits of Bitcoin, contributing to the successful passage of the bill. The association’s efforts align with a broader trend of increasing political interest in digital assets, often divided along partisan lines.At the federal level, Democrats typically highlight potential risks associated with crypto, while Republicans argue against regulations that they believe stifle innovation. Porter suggested that as technology garners more attention and scrutiny, perspectives on crypto are evolving beyond traditional partisan divides.The passage of HB3594 marks a significant milestone for cryptocurrency advocates. Oklahoma has set a major precedent that has the potential to be mirrored not only by US states but also other nations.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Follow us on X for instant crypto news and insights updates.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. DeFi Technologies recently adopted BItcoin as its primary treasury reserve asset.Japanese firm Metaplanet saw its stock surge 10% after its most recent Bitcoin acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
