Oklahoma joins Ohio and Mississippi to pass blockchain basic law

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oklahomaIt became the latest state to pass a blockchain basic law aimed at protecting citizens’ rights to own, trade and mine digital currencies.

The bill recently passed both state legislatures (81-1 in the House) and awaits Governor Kevin Stitt’s signature. If approved by the Republican governor, it would go into effect Nov. 1.

The Blockchain Basic Law is a national framework that has been customized by legislators to suit states, but the general provisions remain consistent. In Oklahoma, the effort was led by Representative Brian Hill (R-Mustang) in the House of Representatives and state Sen. Bill Coleman (R-Ponca City) in the State Senate.

Prohibits state governments from restricting the use of:Digital currency for purchasing goodsor self-custody. It also protects citizens’ rights to mine digital currencies at home, as long as they follow local noise regulations.

The law also requires state governments to treat commercial miners like other data center operators, and commercial miners should not be subject to higher penalties.energy costdiscriminatory noise pollution regulations, or other additional requirements.

Storm Lund, president of the Oklahoma Bitcoin Association, was one of the key figures behind the bill’s passage.heSaidOne local news outlet claimed the bill would give the Sooner State an advantage in attracting blockchain businesses.

Lund criticized the approach of some states.new yorkhe says, is biased and favors corporations at the expense of smaller startups.

“It’s basically done by people with deep pockets and compliance departments who can fill out prestigious applications that are hard to get, discouraging startups from trying to get off the ground.” “It will happen,” he told the Journal Record.

“Those types of companies are completely leaving places like New York, and the more bills like this are passed in places like Oklahoma, the more companies will start in Oklahoma. It will be.”

The Blockchain Basic Law has also been strongly criticized.proposed digital dollarThis resonates strongly with states whose leaders oppose CBDCs. This led to rapid adoption in red states, including:south dakota,south carolinaTennessee; nebraskaMissouri.

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“New bills aimed at protecting residents’ rights to mine, own, and trade digital currencies are at advanced stages in Nebraska, South Carolina, and Tennessee. […] read more……”
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