tl;dr
Oklahoma lawmakers have approved legislation to protect citizens' ownership of Bitcoin amid increased federal regulatory attention. The bill, sponsored by Rep. Brian Hill and Senator Bill Coleman, upholds individuals' rights to self-custody their digital assets, engage in Bitcoin mining, operate ful...
Oklahoma lawmakers approve bill protecting citizens' Bitcoin rights
Legislation safeguards self-custody of digital assets, Bitcoin mining, and trading
Community support crucial as Oklahoma joins other states in Bitcoin protection
US authorities conduct enforcement actions amid heightened regulatory attention
Senator Warren calls for stringent regulations on cryptocurrencies
Oklahoma lawmakers have approved legislation to protect citizens' ownership of Bitcoin amid increased federal regulatory attention. The bill, sponsored by Rep. Brian Hill and Senator Bill Coleman, upholds individuals' rights to self-custody their digital assets, engage in Bitcoin mining, operate full nodes, and conduct digital asset trading activities. This move aims to promote environmental sustainability, attract local investments, and create job opportunities. Oklahoma joins 11 other states in enacting measures to safeguard Bitcoin. However, US authorities have recently taken enforcement actions against the industry, including seizing a website and arresting its co-founders for operating an unlicensed money-transmitting business. Senator Elizabeth Warren has also called for stringent regulations on cryptocurrencies, citing their exploitation in facilitating transactions related to child sexual abuse material.
Oklahoma lawmakers have recently approved legislation aimed at protecting citizens’ ability to own Bitcoin. This move comes amidst heightened regulatory attention from the Federal Government and its agencies toward the emerging industry.
OKLAHOMA’S FUNDAMENTAL BITCOIN RIGHTS
In an April 26 post on X, Dennis Porter, the founder of Satoshi Action Fund, revealed that Rep. Brian Hill and Senator Bill Coleman sponsored the significant Bitcoin rights bill. This legislative initiative will uphold individuals’ rights to self-custody their digital assets, engage in Bitcoin mining, operate full nodes, and conduct digital asset trading activities. Porter contends that the bill protection of Bitcoin mining would allow miners to effectively utilize surplus energy resources, promote environmental sustainability, attract local investments, and create job opportunities. Furthermore, he emphasized the importance of this fundamental bill, especially in light of recent regulatory challenges facing the emerging industry.
Moreover, Porter emphasized the significance of community backing as the bill navigates through the legislative channels, urging stakeholders to grasp the broader implications of the proposed law. Oklahoma joins 11 other states, including Louisiana, Ohio, Mississippi, and South Carolina, in enacting measures to safeguard Bitcoin amid escalating regulatory pressures. However, amidst these developments, US authorities have conducted various enforcement actions against the emerging industry. During the past week, the US took action against the Samourai Wallet by seizing the website and arresting its co-founders. The authorities charged them with operating an unlicensed money-transmitting business due to the wallet’s coin-mixing features allegedly used for money laundering.
Furthermore, Senator Elizabeth Warren reiterated her call for stringent regulations on cryptocurrencies. In a letter to the Department of Justice and the US Treasury Department, she emphasized the growing exploitation of digital assets in facilitating transactions related to child sexual abuse material (CSAM).
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