- New legislation in Oklahoma permits self-custody of Bitcoin and forbids limitations on its use.
- At $65,942.55, Bitcoin is now worth 6.34% more than it was a day ago.
Oklahoma is becoming the first state in the union to enact legislation safeguarding Bitcoin self-custody. The ground-breaking law guarantees that people may own and manage digital assets using a hardware wallet, free from state government meddling.
The statute further forbids the state from outlawing or limiting the use of cryptocurrency to pay for legitimate products and services.
Oklahoma Leads the Way
Republican Governor of Oklahoma Kevin Stitt signed into law the “Bitcoin Rights” bill, which was formally known as HB3594. Advocates of the measure, the nonprofit Satoshi Action Fund, think this action will inspire other states to do the same.
“Lawmakers across the country are very open to this type of policy,” stated Dennis Porter, CEO and co-founder of the Satoshi Action Fund, expressing confidence in the measures’ national appeal.
🚨HUGELY MASSIVE BRREAKING🚨: A bill protecting your ‘fundamental #Bitcoin rights’ has been SIGNED INTO LAW in the state of Oklahoma.
Oklahoma will now defend your:
✅ Right to self-custody
✅ Right to spend #Bitcoin and digital assets
✅ Right to mine #Bitcoin
✅ Right to run… pic.twitter.com/KdPsmLBzDo— Dennis Porter (@Dennis_Porter_) May 14, 2024
The measure also contains clauses on digital asset mining that permit, within certain parameters, citizen involvement in the sector. As long as people follow local noise regulations, home digital asset mining is legal in Oklahoma, as the law makes clear.
With this advancement, regular people will have more chances to participate in the energy-intensive and highly noisy crypto mining business.
Crypto Mining Sector Insights
Minting new currencies and running virtual coin networks are two aspects of crypto mining that usually require a lot of equipment, space, and resources. Though most Bitcoin mining operations are industrial-scale these days, this new law may make the process more democratic.
On the other hand, as previously reported by ETHNews, El Salvador has demonstrated creative methods for sustainable mining by using geothermal energy from the Tecapa volcano to mine almost 474 BTC.
More General Consequences and Political Setting
The Satoshi Action Fund created the Oklahoman bill’s model, which was then presented in fifteen additional states. The Oklahoma Bitcoin Association was instrumental in enlightening legislators about the advantages of Bitcoin, which helped the measure succeed.
Cryptocurrency politics are changing frequently along party lines. Democrats concentrate on possible dangers on a national level, while Republicans oppose laws they think hinder creativity.
Porter contends that the problem cuts over conventional political lines and that other states will unavoidably enact laws of a similar nature. He named as one of the main players affecting government policy U.S. Senator Elizabeth Warren, a well-known crypto critic in the Biden administration.
Porter is still hopeful, meanwhile, that as the technology receives more attention, people from all political backgrounds would reevaluate the stories told by the mainstream media.
Bitcoin Market UpdateÂ
According to CoinMarketCap, Bitcoin (BTC) is trading at about $65,942.55 as of the moment. In the last 24 hours, the cryptocurrency has surged by 6.34%, and during the previous seven days, it has been trending upward by 6.93%.