Oklahoma Passes Landmark Bill Protecting Bitcoin Rights

[ABCbits]

Oklahoma Passes Landmark Bill Protecting Bitcoin Rights

Oklahoma has made a landmark move by passing a bill to protect bitcoin rights. Governor Kevin Stitt signed the bill into law on May 13, 2024. Championed by Representative Samuel Brian Hill and Senator Coleman, the legislation establishes key protections for bitcoin and digital asset holders. Effective November 1, 2024, it ensures fundamental rights for individuals and businesses engaged in digital asset activities, positioning Oklahoma as a leader in the digital economy... Read more here.


I do not read the bill itself, but overall it seems to be good news for Bitcoiner who live on Oklahoma. The news doesn't state about privacy though. Your opinion is greatly appreciated.

[TomPluz]

I do not read the bill itself, but overall it seems to be good news for Bitcoiner who live on Oklahoma. The news doesn't state about privacy though. Your opinion is greatly appreciated.

So far, I considered this one of the best news of the year for Bitcoin and it is coming from the state-level government, of all sources. And this is actually my first time to hear of 'Bitcoin Rights' and I am sure that this will not be the last as there are now organizations working to spread this movement to other locations as well.

According to @oklahomabtc: "The law makes Oklahoma the FIRST State to codify the rights of its citizens to run a node, to mine, and to self-custody their Bitcoin."

Essentially, this is a big win for Bitcoin and its proponents, supporters and enthusiasts. Instead of seeing Oklahoma joining Senator Elizabeth Warren on her hate on Bitcoin and cryptocurrency, this state is turning into the right direction giving away its citizens their rights to it.

[Zed0X]

It's a bit weird reading the right to self-custody of BTC as it's like a law giving you the right to stash fiat in your personal vault. Since bitcoin is already a capital asset and transactions are subject to Capital Gains Taxes, I think it's already implied that it's not illegal and you the right to store them in your non-custodial wallet.

The most important part there is the legalization of Bitcoin mining.

[ABCbits]

It's a bit weird reading the right to self-custody of BTC as it's like a law giving you the right to stash fiat in your personal vault. Since bitcoin is already a capital asset and transactions are subject to Capital Gains Taxes, I think it's already implied that it's not illegal and you the right to store them in your non-custodial wallet.

I didn't think about that, but you're right. But at least, it would make Bitcoiner on Oklahoma  feel safer.

The most important part there is the legalization of Bitcoin mining.

But quick google search shows household electricity rate is above $0.1/kWh which isn't attractive for serious miner.

[Faisal2202]

I do not read the bill itself, but overall it seems to be good news for Bitcoiner who live on Oklahoma. The news doesn't state about privacy though. Your opinion is greatly appreciated.

No need to read the whole bill as the news and the tweets give us almost all the information. I think this is the best move to safe the funds (in BTC) of people living in Oklahoma, I think they will not accept any more tax (additional word used there) they have the write to mine BTC in their homes, with no or usual taxes. I mean no tax is not an option, so it definitely means, no more additional tax then the ones already been imposed.

But the thing is, this bill is going to be applicable after November, what if till then huge amount of taxes imposed on the people of Oklahoma, although tax is not the main problem, this bill also saved there privacy as well. Because this bill have gave them the full right to control, and own there BTC in any way they want under the legal ways (means for not bad things). USA is already trying hard to seize (obfuscating) the BTC of people with any way possible, recently they arrested a person who did not paid tax and I wonder they might even seize there BTC as well or will deduct some amount from it.

[ABCbits]

I do not read the bill itself, but overall it seems to be good news for Bitcoiner who live on Oklahoma. The news doesn't state about privacy though. Your opinion is greatly appreciated.

No need to read the whole bill as the news and the tweets give us almost all the information.
--snip--

You're probably right. But there's reason why idiom "The devil is in the details" exists. Although i don't see any news criticize this bill so far.

[Lucius]

At first glance, this seems to be positive news, although I wonder if the authorities of any US state can make such decisions without fear that the federal authorities will try to challenge them in some way? Theoretically, it could happen that every federal state in the US has its own laws when it comes to cryptocurrencies, such as the case with the legalization of marijuana, which is completely legal in some states and strictly prohibited in others.

It is also somewhat paradoxical that the state passes a law enabling something that functions without legal approval from the very beginning.

[Faisal2202]

You're probably right. But there's reason why idiom "The devil is in the details" exists. Although i don't see any news criticize this bill so far.

You are right, actually, I read it or you can say give it a glance (the bill) and what is basically the main purpose of this bill is, can be seen easily that's why I said, no need to read the bill, the news shared this bill or you shared in this post as reference, already giving us most of the idea about the bill so no need to read it thoroughly.

But still, to understand things from your own POV, we should not read other's first, but read the bill or the statements by yourself so that you could generate your own POV. Why would anyone go against this bill, while it have already been passed, is there any chance that now a opponent starts to go against it, and is there a possibility to fail this bill which has already been passed? If no then I don't think we are going to see any type of criticize on it.