Oklahoma Passes Blockchain Basics Act to Protect Digital Currency Rights

Oklahoma Passes Blockchain Basics Act to Protect Citizens’ Rights to Digital Currencies

In a groundbreaking move, Oklahoma has become the latest state to pass the Blockchain Basics Act, aimed at safeguarding its citizens’ ability to own, trade, and mine digital currencies. The Act, which recently received overwhelming support in both state legislature chambers, is now awaiting Governor Kevin Stitt’s signature to become law on November 1.

The nationwide framework of the Blockchain Basics Act allows lawmakers to tailor the legislation to their states while maintaining consistent general provisions. In Oklahoma, the initiative was spearheaded by Rep. Brian Hill and state Sen. Bill Coleman, both Republicans.

Key provisions of the Act include prohibiting the state government from restricting the use of digital currencies for purchasing goods or self-custody. It also ensures citizens’ rights to mine digital currencies at home as long as they adhere to local noise regulations. Additionally, the Act mandates that state governments treat commercial miners like any other data center business, preventing them from facing discriminatory regulations or higher energy costs.

Storm Rund, president of the Oklahoma Bitcoin Association, played a crucial role in advocating for the bill’s passage. Rund emphasized that the legislation would give Oklahoma a competitive edge in attracting blockchain businesses, contrasting the approach of states like New York, which he believes favors corporations over startups.

The Blockchain Basics Act also criticizes the proposed digital dollar, resonating with states that oppose the central bank digital currency (CBDC). This stance has led to swift adoption in conservative-leaning states such as South Dakota, South Carolina, Tennessee, Nebraska, and Missouri.

The passage of the Blockchain Basics Act in Oklahoma reflects a growing trend of states embracing blockchain technology and digital currencies. As the landscape of financial innovation continues to evolve, Oklahoma’s proactive approach positions the state as a welcoming environment for blockchain businesses and entrepreneurs.