Oklahoma has passed legislation to protect Bitcoin mining and self-sufficiency
Oklahoma Governor J.Kevin Stitt has signed into law HB3594, which will allow bitcoin to be self-sustaining by its citizens and create an inclusive financial environment.
HB3594 was signed into law by the governor on May 13, putting Oklahoma at the forefront of efforts to regulate the US cryptocurrency industry.
Oklahoma to allow Bitcoin mining and self-governance
The new law states that Oklahoma will not prohibit crypto payments or create industry taxes or fees. However, it allows mining of certain digital assets and mining-related businesses.
HB3594 provides crypto users with benefits such as self-maintenance and purchase of goods or services through wallets. Cryptocurrencies act as payment methods. Meanwhile, crypto mining is only allowed if it complies with local requirements.
“It shall be lawful in the State of Oklahoma to operate a node to connect to a blockchain protocol or a protocol built on a blockchain protocol and to transfer digital assets through a blockchain protocol or participate in a blockchain protocol,” the document states.
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The Oklahoma Bitcoin Association reports that the state is the first in the US to legally protect the rights to mine and self-regulate BTC.
Dennis Porter, CEO of Satoshi Action Fund, called the law positive because it would encourage crypto companies to operate in Oklahoma. He even suggested that Bitcoin mining could create wind and sustainable energy projects.
“Whether it's controlling wind farm outages or reducing methane emissions from abandoned oil wells, #Bitcoin mining can monetize wasted and depleted energy, benefit local infrastructure, and create opportunities in rural areas abandoned by technological advances,” Porter said.
Oklahoma joins 11 states, including Louisiana, Ohio, Mississippi and South Carolina, that have enacted measures to protect Bitcoin. Meanwhile, increasing regulatory pressures continue in the United States.
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