In a landmark development, Oklahoma became the first state in the U.S. to declare self-custody of Bitcoin (CRYPTO: BTC) and other cryptocurrencies a fundamental right.
What Happened: The bill proposed by Rep. Brian Hill (R) was signed into law by Oklahoma Governor Kevin Stitt (R), paving the way for greater autonomy for citizens regarding their cryptocurrency usage.
HUGELY MASSIVE BRREAKING: A bill protecting your 'fundamental #Bitcoin rights' has been SIGNED INTO LAW in the state of Oklahoma.
Oklahoma will now defend your:
Right to self-custody
Right to spend #Bitcoin and digital assets
Right to mine #Bitcoin
Right to run... pic.twitter.com/KdPsmLBzDo— Dennis Porter (@Dennis_Porter_) May 14, 2024
The bill mandated a legal right to use digital assets for purchasing goods and services, self-custody of digital assets using a self-hosted wallet or a hardware wallet, and even mining digital assets from home.
The bill also stipulated that no additional taxes would be levied on digital asset payments, treating them the same as traditional forms of payment. The bill would be effective from Nov.1 this year.
Why It Matters: The new legislation comes at a time when the country is becoming increasingly polarized over cryptocurrencies and their increased oversight.
Last week, the House voted in favor of a resolution against the SEC's controversial directive that restricted credible financial institutions from holding Bitcoin and other cryptocurrencies. President Joe Biden had threatened to veto the legislation if it reached him.
On the other hand, former President Donald Trump has stepped up his pro-crypto stance in the election campaigns, promising to make the atmosphere more conducive so as to stop cryptocurrency companies from moving out of the country. He even said, "If you're in favor of crypto, you better vote for Trump."
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,837.53, rising 6.41% in the last 24 hours, according to data from Benzinga Pro.
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