Oklahoma's governor has signed a bill that defines the legal rights of cryptocurrency holders, one of the most marginalized groups in the United States.
Starting November 1, 2024, all Oklahomans will have an inalienable right to self-manage their digital assets and the right to mine cryptocurrencies at home. The only restriction is that the home rig does not violate local noise ordinances.
Oklahoma residents also have the right to use Bitcoin and other virtual currencies to purchase legal goods and services, and the government does not “prohibit, restrict, or otherwise limit an individual's ability to do so.” cannot be “impaired”.
For local residents who love digital freedom, states are prohibited from imposing additional taxes or fees on the use of cryptocurrencies. Consumption tax, yes. Energy charges, no.
The law also requires state and local governments to treat commercial-scale cryptocurrency mining operations the same as data centers and not to impose “discriminatory fees on digital asset mining operations.”
Finally, the law exempts both individuals and service providers who mine or stake cryptocurrencies from liability for processing certain transactions.
State Rep. Brian Hill (R-Mustang), a sponsor of the Bitcoin Bill of Rights, told local news: “I believe this bill will bring more of this industry to our state.”
“The great state of Oklahoma is not saying we are for it or against it or any of the above,” Hill added. “We're arguing that this is an entity, this is a commodity, and this is something that Oklahomans have an interest in owning. We want them to make that clear and to do so. This will provide protection.”
Along with the desire to attract cryptocurrency mining operations comes concerns about energy and resource usage. Fortunately, Oklahoma, known for its sweeping plains winds, has an abundance of renewable energy. Oklahoma, her fourth largest producer of wind energy in the United States, gets almost half of its energy from turbines.
Of course, water is something else entirely.
Oklahoma has long been known for water issues such as the Dust Bowl, and the state Department of Environmental Quality said drought-like weather has increased in recent years. Other parts of Oklahoma are chosen as locations for Bitcoin miners because they are consistently drought-free and water-intensive crypto mining tends to be large-scale. It is expected.
The bill was signed into law by Republican Gov. Kevin Stitt earlier this week. ®
