Digital asset supporters scored a significant victory on Monday as Oklahoma Governor Kevin Stitt signed into law the new Bitcoin rights bill, also known as HB3594. The legislation, championed in the House by Congressman Samuel Brian Hill and Senator Bill Coleman, aims to safeguard fundamental crypto rights amidst the U.S. government's crackdown on self-custody wallets.

HB3594 prohibits the state government from banning or restricting the use of digital assets for purchasing legal goods/services, as well as the self-custody of digital assets using self-hosted or hardware wallets. Additionally, the law bans additional taxes on Bitcoin payments and clarifies that certain individuals are not required to obtain a money transmitter license.

Drafted based on policy blueprints by non-profit Satoshi Action Fund, the bill solidifies Oklahoma's pro-crypto stance towards digital asset regulation.

"The idea that 'We the People' cannot hold our own assets is antithetical to American values," remarked Satoshi Action Fund CEO Dennis Porter. "This law ensures that everyone can secure not only their Bitcoin but all their assets."

The enactment of HB3594 comes at a time when the federal government is intensifying its scrutiny of cryptocurrencies, particularly regarding self-custody wallets. Last month, the Department of Justice arrested founders of Samourai Wallet and Tornado Cash on charges related to money laundering and operating unlicensed money-transmitting businesses.

U.S. authorities are particularly concerned about the use of crypto mixers for illicit activities, such as financing criminal and terrorist activities. Proponents of crypto have expressed outrage over these federal charges, arguing that self-custody is essential for protecting individuals from bad actors in the digital asset sector.

"Given the recent onslaught of attacks on self-custody, there could not be a more important time to send a message that the right to access and self-custody Bitcoin and digital assets MUST be protected," Porter emphasized.

HB3594 is set to take effect on November 1, 2024, and its passage in Oklahoma may influence other state legislatures to enact similar measures in support of digital asset rights.