Oklahoma Enacts Bitcoin Bill of Rights to Protect Private Wallets

Oklahoma Governor Kevin Stitt scored a major victory for digital asset supporters on Monday with the introduction of the new Bitcoin Bill of Rights (also known as HB3594), which aims to protect fundamental rights as governments and states put pressure on their budgets.

The new legislation, passed by the House of Representatives, Samuel Brian Hill, and Senator Bill Coleman, would ensure that the federal government “prohibits the use of system resources for the purchase of legal goods/services or the acquisition of digital assets through wallets.” You can take it by yourself or in a metal case. ”

HB3594 A.K. Bitcoin Rights Act passed in Oklahoma

Equally important, HB3594 would prohibit additional taxes on Bitcoin when used as a means of payment and protect Oklahomans’ right to mine, while also “requiring certain persons not to obtain licenses to transmit funds.”

According to the policy draft prepared by the nonprofit Satoshi Action Fund, the bill would result in Oklahoma supporting crypto only when it comes to regulating digital assets.

“The notion that ‘We the People’ cannot take away our own property is contrary to American values. Without the ability to manage our wealth, we lose control of our future and the ability to provide a better future for our families,” said Satoshi Fund CEO Dennis Porter. “This law gives everyone access to the security of all their assets, not just #Bitcoin. ”

USA Run out of your own pocket

News of the statewide legislation comes at a time when the federal government is cracking down on money laundering, particularly on personal defense wallets.

Last month, the Department of Justice arrested Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill for allegedly conspiring to commit money laundering and operating an unauthorized money transfer business.

Similarly, Tornado Cash developers Roman Storm and Roman Semenov were charged with conspiracy to launder money and violating sanctions.

USA Authorities are particularly concerned about the financing of crime and terrorism through the mixing of cryptocurrencies. Tornado Cash was accused of facilitating “money laundering of more than $1 billion” for North Korea’s Lazarus Group actors.

Meanwhile, the founders of Samourai Wallet are accused of “making $2 billion in illicit transactions and facilitating more than $100 million in transactions on dark web markets.” ”

Cryptocurrency supporters are outraged by the federal indictment, saying self-protection is important for those who want to prevent the misuse of digital assets.

Porter continued: “Given recent attacks on self-defense, there has never been a better time to send the message that the right to access and own #Bitcoin and digital assets must be protected.”

HB3594 will go into effect on November 1 of this year. It’s unclear whether passage of the bill in Oklahoma would encourage other state lawmakers to follow suit.