How Oklahoma state authorities are protecting crypto investors

[zasad@]

https://www.billtrack50.com/billdetail/1679126
"AI Summary
This bill pertains to the use and regulation of blockchain technologies and digital assets in Oklahoma. Blockchains are data networks that create a ledger of verified transactions using cryptography. Digital assets are virtual currencies, cryptocurrencies, and other digital-only assets. The bill stipulates that the government of Oklahoma cannot ban or restrict the use of digital assets for purchasing legal goods/services, or the self-custody of digital assets using a self-hosted wallet or a hardware wallet. Digital asset payments will not be subject to additional taxes or charges based solely on the use of the digital asset. The bill legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use. Discriminatory electricity rates for digital asset mining businesses are outlawed as well. The bill also permits the operation of nodes to connect to a blockchain protocol and transfer digital assets, without the need to obtain a money transmitter license. The bill will become effective on November 1, 2024.
Committee Categories"

[avikz]

As Freddie Mercury asked -

Is this the real life? Is this just fantasy?

It seems too Good to be true! Honestly I don't really believe my eyes. Seems like Oklahoma will soon become popular amongst the crypto crowd. They have taken a very different approach despite the enforcement agencies in US is constantly going after the crypto community.

[electronicash]

sounds good news.
there needs to be more estates issuing this kind of bill to make crypto be accepted everywhere. why does it have to be effective in Nov 2024?

it's not banned now and so it's not banned later. they allow the use of crypto wallets custodial or not. but it sounds like there is more to it. it's not said on the page but the government issuing this kind of bill feels too good to be true. probably what the government will regulate are the wallets? 

[larry_vw_1955]

https://www.billtrack50.com/billdetail/1679126
"AI Summary
This bill pertains to the use and regulation of blockchain technologies and digital assets in Oklahoma. Blockchains are data networks that create a ledger of verified transactions using cryptography. Digital assets are virtual currencies, cryptocurrencies, and other digital-only assets. The bill stipulates that the government of Oklahoma cannot ban or restrict the use of digital assets for purchasing legal goods/services, or the self-custody of digital assets using a self-hosted wallet or a hardware wallet. Digital asset payments will not be subject to additional taxes or charges based solely on the use of the digital asset. The bill legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use. Discriminatory electricity rates for digital asset mining businesses are outlawed as well. The bill also permits the operation of nodes to connect to a blockchain protocol and transfer digital assets, without the need to obtain a money transmitter license. The bill will become effective on November 1, 2024.
Committee Categories"

i'm sure some people read the part in bold and think "oh golly gee, now i don't have to pay taxes or report my bitcoin transactions to the IRS!". wrong.

you still have to pay capital gains taxes and report your cryptocurrency transactions to the IRS. none of this stuff is things that i have heard people complaining about anyway. try fixing those things. but nooo...

and if someone can't charge you an extra fee for taking bitcoin as payment then guess what? they don't have to take bitcoin at all and what are you going to do? that's right. you aren't going to do anything.

[yhiaali3]

Is Oklahoma really located in the United States?
Far from joking, this is very contradictory to the policy of the United States, which is hostile to cryptocurrencies and enacts strict laws and pursues crypto companies!!!

I don't understand how things work in the US, I mean if the central federal government is against cryptocurrencies and has strict regulations how can a state under the federal government pass laws that are different or contradictory to the central government's regulations?

In any case, this is fortunate. If the new law is implemented, it will create a very open work environment for everything related to the crypto industry in one of the American states, and this may be an incentive for other states.

[larry_vw_1955]

I don't understand how things work in the US, I mean if the central federal government is against cryptocurrencies and has strict regulations how can a state under the federal government pass laws that are different or contradictory to the central government's regulations?

they can't. the federal government makes laws that apply to all the states. and the citizens of all the states have to follow those rules, oklahomans included.

nothing is contradictory. and even if it was, the federal government is who they would have to answer to. they meaning people who tried to stop paying capital gains taxes on their bitcoin for example because some state told them they didn't need to. because the federal government says so. it doesn't matter what the states say.

[zasad@]

https://www.billtrack50.com/billdetail/1679126
"AI Summary
This bill pertains to the use and regulation of blockchain technologies and digital assets in Oklahoma. Blockchains are data networks that create a ledger of verified transactions using cryptography. Digital assets are virtual currencies, cryptocurrencies, and other digital-only assets. The bill stipulates that the government of Oklahoma cannot ban or restrict the use of digital assets for purchasing legal goods/services, or the self-custody of digital assets using a self-hosted wallet or a hardware wallet. Digital asset payments will not be subject to additional taxes or charges based solely on the use of the digital asset. The bill legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use. Discriminatory electricity rates for digital asset mining businesses are outlawed as well. The bill also permits the operation of nodes to connect to a blockchain protocol and transfer digital assets, without the need to obtain a money transmitter license. The bill will become effective on November 1, 2024.
Committee Categories"

i'm sure some people read the part in bold and think "oh golly gee, now i don't have to pay taxes or report my bitcoin transactions to the IRS!". wrong.

you still have to pay capital gains taxes and report your cryptocurrency transactions to the IRS. none of this stuff is things that i have heard people complaining about anyway. try fixing those things. but nooo...

and if someone can't charge you an extra fee for taking bitcoin as payment then guess what? they don't have to take bitcoin at all and what are you going to do? that's right. you aren't going to do anything.

You are a pessimist. If nothing changes before November 1, then this is a good law. I can't keep track of every state in the US, but this type of law is usually passed as the first step of regulation, and other laws may follow.
I see a very important aspect of this law in the purchase of goods with cryptocurrency. This is prohibited in my country. First you need to sell cryptocurrency and then buy goods for rubles.

[larry_vw_1955]

You are a pessimist. If nothing changes before November 1, then this is a good law.

i wouldn't call it "good" i would call it not anti-bitcoin but that's about it. again, the paragraph you posted is huge list of "benefits" that this law will bring but as i had already mentioned, i rarely have ever seen people complaining about those particular issues. the things people complain about is not being able to use bitcoin for making purchases (even SMALL purchases) without triggering a taxable event for example...

I can't keep track of every state in the US, but this type of law is usually passed as the first step of regulation, and other laws may follow.

the problem is, oklahoma can't pass a law that says purchases of goods or services using bitcoin do not trigger a taxable event because that is a federal law.

I see a very important aspect of this law in the purchase of goods with cryptocurrency. This is prohibited in my country. First you need to sell cryptocurrency and then buy goods for rubles.

in reality, i think most people have to do that here too. since most businesses do not take bitcoin as payment...

[yhiaali3]

they can't. the federal government makes laws that apply to all the states. and the citizens of all the states have to follow those rules, oklahomans included.

If it is as you say, then this law that Oklahoma will pass is not in conflict with federal law, because if it is in conflict, the state of Oklahoma cannot pass it as law.

Or perhaps the federal government is gradually changing its approach to cryptocurrencies, because as I heard today on social media, a bill to reform the structure of the cryptocurrency market in the United States will be voted on today, with hints from the White House that Biden will not use his veto power to veto the law.

[larry_vw_1955]

If it is as you say, then this law that Oklahoma will pass is not in conflict with federal law, because if it is in conflict, the state of Oklahoma cannot pass it as law.

they can pass laws but the federal government can step in and supercede them. by doing things like cutting off money and things like that. or taking them to court. or just using military force if necessary.

Or perhaps the federal government is gradually changing its approach to cryptocurrencies, because as I heard today on social media, a bill to reform the structure of the cryptocurrency market in the United States will be voted on today, with hints from the White House that Biden will not use his veto power to veto the law.

i doubt any of that. until buying a cup of coffee doesn't incur a taxable event, nothing has changed.

[pakhitheboss]

https://www.billtrack50.com/billdetail/1679126
"AI Summary
This bill pertains to the use and regulation of blockchain technologies and digital assets in Oklahoma.

The bill stipulates that the government of Oklahoma cannot ban or restrict the use of digital assets for purchasing legal goods/services, or the self-custody of digital assets using a self-hosted wallet or a hardware wallet.

The bill legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use.
Committee Categories"

Can you please explain to me the highlighted words. As these statements don't make them friendly as per my understanding. These statements are cautioned statements that can be manipulated according to the ruling government. My understanding is that it is a disguise on the pretext of regulatory mechanism.

The US is not friendly with cryptocurrencies and they want everything to get monitored. It is a way to make everyone happy without their knowledge and understanding . I may be wrong with my understanding which is good for the community. Imagine I am right then what happens next?

[larry_vw_1955]

Can you please explain to me the highlighted words.

The bill stipulates that the government of Oklahoma cannot ban or restrict the use of digital assets for purchasing legal goods/services, or the self-custody of digital assets using a self-hosted wallet or a hardware wallet.

to me that doesn't really say much. its not like there is any law against owning or using bitcoin. the problem is finding people to use it with since alot of people just don't bother...so promising that you won't make a law against it, who cares? how about making a real law like you don't need to pay any taxes on bitcoin when you use it to make small purchases but they can't do that because that's a federal law.

The bill legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use.

much ado about nothing. people could already do those things. so now they are just promising they won't tell them later on they can't. i think there was also a part that said they can't charge miners different kw per hour rates than non-miners. i honestly couldn't care less since i'm not a miner. and all that means to me is if too many people start mining they'll just raise EVERYBODY'S rates.

people that mine bitcoin cause electricity rates to go up for everyone. unless they generate their own power.

[blckhawk]

As Freddie Mercury asked -

Is this the real life? Is this just fantasy?

It seems too Good to be true! Honestly I don't really believe my eyes. Seems like Oklahoma will soon become popular amongst the crypto crowd. They have taken a very different approach despite the enforcement agencies in US is constantly going after the crypto community.

Love the Queen reference and I do get your sentiment that it's too good to be true but in this case, the only thing that we can probably do is to trust the process and make sure that we quickly adapt to whatever is to come, I mean that's what we can only do in this kind of time anyway, there's no other way around it unless of course we can rouse a lot of people to repeal this bill because that's the only that this bill can go away. I hope that what you're saying is true though, about Oklahoma becoming a good place to go for the crypto community.

[zasad@]

https://www.billtrack50.com/billdetail/1679126
"AI Summary
This bill pertains to the use and regulation of blockchain technologies and digital assets in Oklahoma.

The bill stipulates that the government of Oklahoma cannot ban or restrict the use of digital assets for purchasing legal goods/services, or the self-custody of digital assets using a self-hosted wallet or a hardware wallet.

The bill legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use.
Committee Categories"

Can you please explain to me the highlighted words. As these statements don't make them friendly as per my understanding. These statements are cautioned statements that can be manipulated according to the ruling government. My understanding is that it is a disguise on the pretext of regulatory mechanism.

The US is not friendly with cryptocurrencies and they want everything to get monitored. It is a way to make everyone happy without their knowledge and understanding . I may be wrong with my understanding which is good for the community. Imagine I am right then what happens next?

In some countries, non-custodial wallets are either prohibited or the legislator allows the use of cryptocurrency only on custodial services. If you want to send $1,500 from your custodial wallet to an unverified wallet, the custodial service will reject the transaction until the wallet is verified and a justification for the transfer is provided. The same applies to cryptocurrency receipts. Until the wallet is verified, the coins may be frozen and not visible on the balance sheet.
Basically, where cryptocurrencies are accepted, this is a partnership with a custodial service that exchanges cryptocurrencies, for example, for dollars and transfers them to the partner’s account.
That is, cryptocurrency is not prohibited, but there are a lot of restrictions for business.

[NotATether]

As Freddie Mercury asked -

Is this the real life? Is this just fantasy?

It seems too Good to be true! Honestly I don't really believe my eyes. Seems like Oklahoma will soon become popular amongst the crypto crowd. They have taken a very different approach despite the enforcement agencies in US is constantly going after the crypto community.

Oklahoma is a red state. So this is most likely the real deal.

I imagine we are going to see a lot of crypto miners moving to that state in particular. And maybe even crypto exchanges having their offices in that country to circumvent the harsh restrictions of running a crypto business in other states, particularly New York.

I am not counting on the *federal* government to be any more lax though.

[Maus0728]

If Oklahoma improves upon this bill, I can assure you that they're going to be the Mecca for bitcoin investors and miners because that clause about legalization of mining in your home is going to work wonders, the only problem would probably be the neighbors that might complain about your mining farm if it gets too big. Hopefully more state would follow this footstep, who knows what benefits they might get out of protecting bitcoin and cryptocurrency investors and miners alike.

[larry_vw_1955]

the only problem would probably be the neighbors that might complain about your mining farm if it gets too big.

so you think that they should just wear ear muffs?

Hopefully more state would follow this footstep, who knows what benefits they might get out of protecting bitcoin and cryptocurrency investors and miners alike.

hopefully more states make sure people arent running commercial mining farms out of their house! no one wants to have to listen to all that noise. it's like having to listen to a generator 24/7.