Oklahoma Governor Kevin Stitt has officially signed a bill into law that establishes a legal framework for blockchain technology and digital assets. This new legislation has key provisions that protect the use of digital assets for legal purchases and self-custody, preventing the Oklahoma government from imposing restrictions on their usage. Furthermore, the bill ensures that digital assets used as payment will not be subjected to any additional taxes or charges compared to other payment methods.
The bill, originally introduced by state Rep. Brian Hill in January, also addresses the issue of home digital asset mining in residential zones. It legitimizes such mining activities under local noise ordinances. Additionally, businesses involved in digital asset mining in industrial zones are permitted to operate without specific noise limits, as long as they adhere to existing regulations.
State Rep. Brian Hill expressed his satisfaction with the passing of the bill, stating that it establishes a foundation for protecting individuals’ rights to their digital assets. The legislation is set to take effect on November 1, 2024.
Under the bill, miners are classified as data centers, ensuring that political subdivisions cannot impose requirements on digital asset mining companies that do not also apply to data centers. Moreover, the legislation protects individuals and businesses engaged in crypto mining or node operation from liabilities solely related to validating transactions.
Another important provision in the bill is the exemption of money transmitter licenses for activities such as digital asset mining, operating nodes, and participating in blockchain staking. This eases the regulatory burden for individuals and businesses in these areas.
To further safeguard the interests of crypto miners, the legislation also prohibits discriminatory electricity rates targeted at crypto-mining businesses. This ensures that miners have access to energy at rates comparable to those of other industries.
Oklahoma is one of the pioneering U.S. states to enact crypto legislation. At the federal level, the U.S. Congress is currently discussing various bills related to cryptocurrencies and blockchain technology, including legislation that aims to establish a regulatory framework for stablecoins.
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