This US state protects your Bitcoin ownership.

Oklahoma lawmakers recently passed legislation aimed at protecting citizens' ownership of Bitcoin.

This move comes as the federal government and its agencies pay more attention to emerging industries.

Oklahoma Basic Bitcoin Rights

On April 26th, Satoshi Action Fund founder Dennis Porter, Representative Brian Hill and Senator Bill Coleman announced their co-sponsorship of the landmark Bitcoin Bill of Rights.

This legislative initiative protects the right of individuals to self-protect their digital assets, engage in Bitcoin mining, operate full nodes, and conduct digital asset trading activities.

Porter argues that the protection of Bitcoin's mining ledger allows miners to use surplus energy resources more efficiently, promote environmental sustainability, attract local investment and create job opportunities. He also emphasized the importance of this basic bill, especially in light of the regulatory challenges faced by emerging industries.

“If we don't have the ability to manage our own wealth and assets, we can't control our own destiny. We can no longer create a better path for ourselves and our families. That's why it's important to ensure that Americans (and the rest of the world) can protect all of their assets, not just Bitcoin,” Porter said.

Porter also emphasized the importance of community support as the bill moves through the legislative process, urging stakeholders to understand the broad implications of the proposed law.

Oklahoma joins 11 states, including Louisiana, Ohio, Mississippi and South Carolina, that have enacted measures to protect Bitcoin amid increasing regulatory pressures.

However, amid these developments, US authorities have taken various enforcement actions against the emerging industry.

Last week, the US took action against Zamora Wallet, seizing the website and arresting its founders. Authorities have charged them with running an unauthorized money transfer business because of the coin-mixing features of the wallets, which are said to be used for money laundering.

In addition, Senator Elizabeth Warren reiterated her call for stricter regulations on cryptocurrencies. In her letter to the Department of Justice and the US Department of the Treasury, she emphasized the growing exploitation of digital assets to facilitate transactions related to child sexual abuse material (CSAM).

“The false name provided by cryptocurrency has allowed CSAM payments to move quickly into the crypto world, and we are committed to ensuring that Congress and the administration have the full tools necessary to stop CSAM and punish the sellers of this material,” the senator wrote.