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Oklahoma passes landmark bitcoin rights law protecting self-service wallets

The new legislation aims to give state residents more control over their digital assets, securing the right to store and manage cryptocurrencies without intermediaries.

Date: 2024-05-17 Author: Łukasz Michałek
Oklahoma passes landmark bitcoin rights law protecting self-service wallets

Oklahoma Governor Kevin Stitt secured a huge victory for supporters of digital assets on Monday by passing a new Bitcoin Bill of Rights (also known as HB3594), focusing on protecting basic rights to cryptocurrencies in the face of US government attacks on self-checkout wallets.

The new law, backed in the House by Congressman Samuel Brian Hill and Senator Bill Coleman, will prevent the U.S. government from prohibiting or restricting “the use of digital assets to purchase legitimate goods/services or self-care digital assets through a self-hosted wallet or hardware wallet.”

Just as importantly, HB3594 will ban additional taxes on Bitcoin used as a form of payment and protect the right of Oklahoma residents to mine, “clarifying that certain individuals do not need to obtain a license to transfer money.”

Based on draft policies created by the nonprofit Satoshi Action Fund, the bill will only serve to further support Oklahoma’s pro-crypto stance toward regulating digital assets.

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“The idea that “We the People” cannot own our own assets goes against American values. Without the ability to manage our wealth, we lose control of our destiny and the opportunity to create a better future for our families,” – Dennis Porter, CEO of Satoshi Action Fund, said. “This law ensures that everyone can secure not only their #Bitcoin, but all of their assets.”

U.S. violates self-control of wallets

The news of the statewide legislation comes in the wake of the federal government’s attacks on cryptocurrencies, particularly with regard to self-service wallets.

Last month, the Justice Department arrested the founders of Samourai Wallet, Keonne Rodriguez and William Lonergan Hill, on charges of conspiracy to launder money and allegedly running an illegal money transfer company. Similarly, Tornado Cash developers Roman Storm and Roman Semenov were charged with conspiracy to launder money and violation of sanctions.

US authorities are particularly concerned about the financing of illegal criminal and terrorist activities through cryptocurrency mixers. Tornado Cash was accused of facilitating “ more than $1 billionworth of money laundering” by North Korean hackers Lazarus Group.

Meanwhile, the founders of Samourai Wallet are accused of performing “illegal transactions worth $2 billion and facilitating money laundering transactions worth more than $100 million from illegal markets.”

Pro-crypto advocates are outraged by the federal charges, however, claiming that self-care is necessary for those who want to protect themselves from fraudsters in the digital asset sector.

“Given the recent onslaught of self-care attacks, there could be no more important time to send the message that the right to access and self-care for #Bitcoin and digital assets MUST be protected,” Porter continued.

HB3594 will take effect on November 1 of this year. It is unclear whether its enactment in Oklahoma will prompt other state legislatures to follow suit.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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