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unpluggedfinancial · 15 days

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The Rise of Bitcoin Acceptance: A New Era in Financial Innovation

Introduction

Bitcoin, the world’s first decentralized cryptocurrency, has transformed the financial landscape since its inception in 2009. Its journey from an obscure digital asset to a mainstream financial instrument is nothing short of remarkable. This blog post explores the growing acceptance of Bitcoin, highlighting key legislative developments and significant holdings, including those by the U.S. government.

Oklahoma’s Landmark Bitcoin Bill

Oklahoma has made a landmark move by passing a bill to protect Bitcoin rights. Governor Kevin Stitt signed the bill into law on May 13, 2024. Championed by Representative Samuel Brian Hill and Senator Coleman, the legislation establishes key protections for Bitcoin and digital asset holders. Effective November 1, 2024, it ensures fundamental rights for individuals and businesses engaged in digital asset activities, positioning Oklahoma as a leader in the digital economy.

Dennis Porter, CEO and co-founder of the Satoshi Action Fund, highlighted the importance of state-level initiatives, stating, “Americans should wake up to the incredible political opportunity that is available at the state level. Throughout history, multiple movements and industries have utilized the states to deliver powerful victories for their cause. Now, Satoshi Action is poised to put the Bitcoin and digital asset ecosystem onto the same trajectory.”

Key Provisions of the Bill

The bill guarantees the right to self-custody, allowing individuals to securely hold their digital assets. It permits using Bitcoin and other digital currencies for transactions without additional taxes, aligning digital assets with traditional legal tender regarding tax treatment. This aims to streamline the use of cryptocurrencies in everyday transactions and foster a more inclusive financial environment.

Bitcoin Mining Protections

The bill supports Bitcoin mining by protecting the right to mine Bitcoin at home and through commercial operations. Oklahoma hopes to attract more blockchain businesses and investments by ensuring legal clarity and stability. The legislation prevents local governments from imposing restrictive measures specifically targeting mining activities, such as additional noise ordinances, while still adhering to general noise regulations.

Porter emphasized Oklahoma's stance: “Oklahoma has now placed its flag in the ground to show the world that they will protect the right for Bitcoiners to access the technology.”

The bill also stipulates that the Oklahoma Corporation Commission cannot create discriminatory rate schedules for mining companies, ensuring fair utility rates and encouraging sustainable and economically viable mining practices.

Advocacy and Future Impact

Dennis Porter and the Satoshi Action Fund were instrumental in advocating for the bill. They emphasize the importance of self-custody and the right to mine, arguing that these rights are fundamental to financial sovereignty and innovation. The Oklahoma Bitcoin Association, led by Storm Rund, was crucial in passing the bill, with significant contributions from Eric Peterson, Policy Director at Satoshi Action Fund.

When the bill takes effect on November 1, 2024, it sets a precedent for other states. Oklahoma positions itself at the forefront of the digital financial revolution by ensuring legal certainty. This legislation aims to attract blockchain businesses, drive innovation, and create economic opportunities, especially in rural areas. Oklahoma's proactive approach will likely inspire similar measures nationwide, solidifying its role as a leader in digital asset regulation.

U.S. Senate’s Resolution on SEC Crypto Rule

In a significant move on the federal level, the U.S. Senate passed a resolution on May 16, 2024, calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions dealing with crypto firms. The resolution nullifies the SEC’s Staff Accounting Bulletin No. 121, which required banks to keep customers’ digital assets on their balance sheets, with capital maintained against them. This rule had been widely criticized for stifling innovation.

“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” said the crypto advocacy group Blockchain Association.

Despite President Joe Biden's stated intention to veto the resolution to "protect investors in crypto-asset markets and to safeguard the broader financial system," the strong bipartisan support reflects growing political awareness and support for the crypto industry.

Conclusion

The recent legislative developments in Oklahoma and the U.S. Senate's resolution mark significant milestones in Bitcoin's journey towards broader acceptance and regulatory clarity. As Oklahoma leads with protective measures for Bitcoin rights and mining, and as federal lawmakers push back against restrictive SEC rules, the future looks promising for the integration and growth of digital assets in the mainstream economy. These steps not only encourage innovation and investment but also set a precedent for other states and countries to follow in embracing the digital financial revolution.

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setbabiesonfire · 6 years

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inspiredantiques · 4 years

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goldsilverthrift · 4 years

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bitintro · 4 years

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cryptoppro · 5 years

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Fortaleza, a major city of northeast Brazil, will start accepting Bitcoin (BTC) as payment for bus tickets by the end of 2019. #Bitcoin #BitcoinAccepted #BitcoinNews #Brazil #cryptocurrency #Payments #Transport http://bit.ly/2OsSksF https://www.instagram.com/p/B0kiQUwlfbA/?igshid=jq2ivw36sh0c

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karolycarolnovak · 7 years

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walkermichelle21 · 5 years

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ethnicsanskriti-blog · 6 years

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iamjustinlove7 · 7 years

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setbabiesonfire · 6 years

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"Ngorongoro" Newest pendant for sale! Tanzanian Garnets from two wonderful locales; Spessartite Garnet - Lindi Province, Tanzania Spessartite Garnet - Nani Hill, Loliondo, Ngorongoro district, Arusha Region, Tanzania Been on an all-African theme this month in honor of black history month. Tanzania is a major exporter of fine gemstones of many varieties, so it was no challenge to select a couple stones to use in this Tanzania-themed pendant. My only qualm is that I didn't think to put a Tsavorite in it! 🤦🏻‍♂️ *** Spessartite Garnet x2 .999 & .925 silvers *** AVAILABLE! - DM for the info on available or commissioned jewelry. Nothing but love y'all, grateful for all the support.🙏🏼⚡ *** #handmade #handmadejewelry #garnets #garnet #710 #spessartite #lindigarnet #loliondo #gems #gemstones #birthstone #heady #headstash #customjewelry #sterlingsilver #finesilver #bitcoin #btc #nature #natural #ethereum #bitcoinaccepted #mandaringarnet #etsy #etsyshop #etsyartist #blackhistory #blackhistorymonth

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cryptobitnews · 5 years

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$325 Million Bitcoin-Accepting Real Estate Project in Dubai Pauses Operations This article has been updated to include comments from the press office of Lady Mone. The Aston Plaza in…

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ylopmart-blog · 5 years

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bitintro · 4 years

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Do you know how bitcoin transactions work? Let me know! ⬇️ @bitintro explains! 💡 - Bitcoin makes it possible to send value across the globe without the need for a third party like banks or governments. 🚀 - When a bitcoin transaction is sent it is collected in the transaction queue (called Mempool). - Miners choose transactions from the queue based on transaction fees (if you pay more fees your tx is prioritized - game theory). Miners begin to assemble blocks by adding pending transactions, the hash of the previous block and perform a hashing function to find a valid number in a specific target space. Because hashing generates a non predictable output they have to perform this process quantillion times before finding a valid block. - If a miner finds a valid block it is propagated to the network and the transactions in it are now settled! Furthermore, the miner gets a block reward (currently 12.5 Btc) + transaction fees). The block reward also serves as the issuance function to distribute new coins. Every 4 years it halves. The next halving event will be in May, 2020. Ultimately, the more blocks are added on top of the block, containing the transaction, the more immutable and final the transaction becomes (more and more work is needed to change the history). - This is how the settlement of transactions work in Bitcoin. What do you think about it? 🤓 . . . #bitintro #bitcoinminingusa #bitcoininvesting #bitcoinrussia #bitcoinmalaysia #bitcoinsingapore #bitcoinminers #bitcointips #bitcoinmanagement #bitcoinmoney #cyptocurrency #bitcoineducation #bitcoinfuture#cryptocurrencyrevolution #bitcoinworldwide #bitcoinaccepted #hodl #bitcoin #bitcoininvestments #bitcoinminingpool #cryptocurrencyinvestment #cryptoeducation #bitcoininvest #bitcoinbillonaire #cryptocurrencyeducation #bitcoinfreedom #holdonfordearlife #cryptochart #cryptoinvestors #bitcoincommunity (at Vienna, Austria) https://www.instagram.com/p/B9mfc-1g07t/?igshid=1lqecsym467yq

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crypscrow · 6 years

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1066bitcoingold-blog · 6 years

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That’s finger lickin good! #cryptocurrency #bitcoin #kentuckyfriedchicken #bucketofchicken #bitcoinaccepted #bitcoinacceptedhere #futureisnow #colonelsanders #colonelsaysyes

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