Oklahoma Crypto Law: Miner Protection, Blockchain Rules

On May 13, Oklahoma Governor Kevin Stitt signed into law legislation that establishes a legal structure for blockchain technology and protects the operations of crypto miners

Governor Kevin Stitt of Oklahoma has ratified a bill creating a legal framework for digital assets and blockchain technology. 

The new law forbids the state of Oklahoma from limiting the use of digital assets for self-custody or legitimate purchases.

It also establishes that digital assets paid for using other means cannot be subject to additional taxes or fees.

State Representative Brian Hill filed the law in January, which allows home digital asset mining in residential areas as long as local noise ordinances are followed.

Furthermore, companies that mine digital assets in industrial zones can operate without additional noise restrictions on top of existing ones.

After the bill’s passing on May 9, Hill stated, “House Bill 3594 lays a foundation for protecting individuals’ rights to digital assets.” The newly enacted laws will take effect on November 1, 2024.

In addition, the bill treats miners like data centers.

Political subdivisions are prohibited by law from imposing regulations on digital asset mining enterprises that do not also apply to data centers.

Another essential feature of the bill is its protection against liabilities about transaction validation alone for people and companies involved in cryptocurrency mining or node operation:

Furthermore, the law stipulates no need for a money transmitter license to mine digital assets, run nodes, or engage in blockchain staking.

The legislation also forbids discriminatory electricity tariffs directed towards cryptocurrency mining companies, guaranteeing miners’ access to energy at costs commensurate with those of other sectors of the economy.

Oklahoma is one of the first states in the union to pass crypto law. Legislation establishing a stablecoin regulatory framework is among the proposals about cryptocurrencies and blockchain technology that the US Congress has been debating.