Oklahoma could soon become a frontrunner in digital currency legislation after the Oklahoma House of Representatives sent House Bill 3594 to the governor’s desk on Wednesday.
The bill was introduced by state Rep. Brian Hill, R-Mustang, and outlines landmark regulations of blockchain applications, which allows transparent information sharing within a business network. Blockchain technology is common in cryptocurrency, as well as other industries.
“House Bill 3594 lays a foundation for protecting individuals’ rights to their digital assets,” Hill said. “By providing clarity and protection now, we can ensure free market practices remain the guiding principles in this burgeoning industry.”
HB3594 outlines actions that the state and local governments are prohibited from doing to hinder the use of digital assets for purchases, commercial asset mining, home asset mining, staking or operating nodes on a blockchain network.
Sen. Bill Coleman, R-Ponca City, carried the bill in the Senate.
“Oklahoma currently has no laws addressing or regulating bitcoin and blockchain, but I hope that’s about to change,” Coleman said. “House Bill 3594 will put our state on the forefront of the exploding digital asset industry by ensuring our residents have a right to use cryptocurrency for legal transactions.”
If signed into law, HB3594 would take effect Nov. 1.
