On May 13, Oklahoma Governor Kevin Stitt made history by signing into law a groundbreaking bill that not only establishes a comprehensive legal framework for blockchain technology but also provides vital protections for crypto miners.

The newly enacted legislation marks a significant milestone in the state's embrace of digital assets. Among its key provisions, the law prohibits the Oklahoma government from imposing restrictions on the use of digital assets for legal transactions or self-custody. Furthermore, it ensures that digital asset payments remain free from additional taxes or charges compared to other payment methods.

Introduced by State Representative Brian Hill in January, the bill addresses various aspects of crypto mining, including legitimizing home-based mining operations in residential areas under local noise ordinances. Additionally, it permits industrial zone businesses engaged in mining activities to operate without specific noise limits beyond existing regulations.

In his statement following the bill's passage on May 9, Rep. Hill emphasized its role in safeguarding individuals' rights to their digital assets, laying a solid foundation for the state's crypto industry. The legislation is slated to take effect on November 1, 2024.

One of the notable aspects of the bill is its classification of miners as data centers, affording them certain protections and exemptions from regulatory burdens. Notably, political subdivisions are barred from imposing requirements on crypto mining entities that are not equally applicable to traditional data centers.

Moreover, the legislation shields individuals and businesses involved in crypto mining or node operation from liabilities solely related to transaction validation. It specifically exempts them from the requirement to obtain a money transmitter license, providing regulatory clarity and certainty in this evolving landscape.

Furthermore, the law eliminates the need for a money transmitter license for activities such as digital asset mining, operating nodes, or participating in blockchain staking. This move streamlines regulatory compliance and fosters a conducive environment for crypto innovation.

Another critical provision of the legislation is the prohibition of discriminatory electricity rates targeting crypto-mining operations. By ensuring miners have access to energy at fair and comparable rates, Oklahoma seeks to promote inclusivity and sustainability in its crypto ecosystem.

Oklahoma's proactive stance on crypto regulation positions it among the vanguard of U.S. states embracing blockchain technology. While federal discussions on crypto legislation continue, Oklahoma's pioneering efforts underscore its commitment to fostering innovation and economic growth in the digital asset space.