Oklahoma Cryptocurrency Updated Laws
Regulation of Oklahoma Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Proposed Laws & Regulations
Oklahoma’s Money Transmitter Act does not explicitly include “virtual currencies” or “monetary value” and the State’s Financial Regulation has not published guidance on virtual currency regulations.
Additionally, “virtual currency” is being proposed to be included within the definition of “contribution” for purposes of campaign finance.
Introduced in February 2019, SB 822 defines “virtual currency” as a medium of exchange, a unit of account, or store of value,e and “is not recognized as legal tender by the United States.”
Status: Referred to Finance Committee
S.B. 822, 57th Leg., 1st Reg. Sess. (Okla. 2019).
The Senate also introduced a bill clarifying the status of open blockchain tokens under certain conditions.” The proposal delineates when a person is not considered a broker-dealer and posits ways to comply with exemptions.
Status: Referred to the Finance Committee. S.B. 843, 57th Leg., 1st Reg. Sess. (Okla. 2019).
The House proposed the H.B. 1954 bill to create “the Uniform Regulation of Virtual-Currency Businesses Act and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act.”
Status: Referred to Banking, Financial Ser, vices, and Pensions
H.B. 1954, 57th Leg., 1st Reg. Sess. (Okla. 2019).
The Oklahoma Senate introduced the S.B 1667 bill authorizing cryptocurrency to be used, offered, sold, exchanged, and accepted as an instrument of monetary value within its governmental agencies, the governmental agencies within its political subdivisions, and by marketplace sellers.
Status: Referred to Business, Commerce, and Tourism Committee then to Appropriations Committee
S.B. 1667, 57th Leg., 2nd Reg. Sess. (Okla. 2020).
ENACTED LAWS & REGULATIONS
Okla. Stat. Ann. § 1-9-332.
Bitcoin transferees are not afforded the same protections as those afforded to the transferees of money.
Also, the Oklahoma legislature determined that a seller who accepts bitcoin does not take the cryptocurrency free of an existing security interest.
Okla. Stat. Ann. § 12A-1-9-332.
In April 2019, a Senate Bill was adopted, which amends the definitions for electronic records and signatures to be valid if secured via blockchain technology.
S.B. 700, 57th Leg., 1st Reg. Sess. (Okla. 2019).
Is cryptocurrency legal in Oklahoma?
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