Two Oklahoma senators introduce Bitcoin rights bill

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Two congressmen from the Oklahoma Senate have proposed a bill that would protect bitcoin holders from increasing regulatory pressure from U.S. authorities.

The bill authored by Senators Brian Hill and Bill Coleman proposes to approve the right of every resident of the state to buy, store and sell bitcoins, as well as to engage in the mining of cryptocurrency. The plan is to make cryptocurrency eligible for lower tax levies when it is used as a medium of exchange. However, specific mechanisms for protecting rights and tax rates are not specified in the text of the document, which means that so far the document looks like just a declaration of intentions.

According to Dennis Porter, founder of the Satoshi Action Fund, who supported the bill, the document could give Americans the right to protect the fundamental rights to their digital assets. The businessman asked all interested parties to support the initiative so that it becomes law as soon as possible.

UPDATE MAY 17, 2024

Oklahoma Governor Kevin Stitt has approved HB3594, a bill that was introduced in April 2024 by Senators Brian Hill and Bill Coleman. The bill records that state residents can store digital assets on hardware wallets. According to the document, cryptocurrency mining at home is considered legal provided that miners comply with all local noise regulations.

The initiative was supported by Satoshi Action Fund CEO and co-founder Dennis Porter, who said the bill's passage was a precedent and similar laws will inevitably appear in other states.

The norms prescribed in the new law are declarative, as hardware wallets and private mining are not prohibited in the United States. The document can be considered simply a part of the American election campaign.

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