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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 888 By: Seifried
AS INTRODUCED
An Act relating to digital assets; amending Section
2, Chapter 296, O.S.L. 2024 (75A O.S. Supp. 2024,
Section 100), which relates to de finitions; updating
statutory reference; defining terms; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY Section 2, Chapter 296, O.S.L.
2024 (75A O.S. Supp. 2024, Section 100), is amended to read as
follows:
Section 100. As used in this act section:
1. “Blockchain” means data that is shared across a network to
create a ledger of verified transactions or information among
network participants linked using cr yptography to maintain the
integrity of the ledger and to execute other functions and
distributed among network participants in an automated fashion to
concurrently update network participants on the state of the ledger
and any other functions;
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2. “Blockchain protocol” means any executable software deployed
to a blockchain composed of source code that is publicly available
and accessible, including a smart contract or any network of smart
contracts;
3. “Digital asset” means virtual currency, cryptocurrenc ies,
natively electronic assets, including stablecoins and non -fungible
tokens, and other digital -only assets that confer economic,
proprietary, or access rights or powers;
4. “Digital asset mining ” means using electricity to power a
computer or node for the purpose of securing a blockchain network;
5. “Digital asset mining busine ss” means a group of computers
working that consume more than one (1) megawatt of energy for the
purpose of securing a blockchain protocol;
6. “Discriminatory rates ” means electricity rates substantially
higher from other industrial uses of electricity in similar
geographic areas;
7. “Exchange-traded product” means any financial instrument
that is approved by the United States Securities and Exchange
Commission, the United State s Commodity Futures Trading Commission,
or the Oklahoma Department of Securiti es and is traded on a U.S.-
regulated exchange and derives its value from an underlying pool of
assets, including stocks, bonds, commodities, or indexes;
8. “Home digital asset m ining” means using digital asset mining
in an area zoned for residential use;
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8. 9. “Node” means a computational device which contains and
updates a copy of a blockchain;
9. 10. “Precious metal” means the following, whether in coin,
bullion, or other for m:
a. silver,
b. gold, or
c. platinum;
11. “Private key” means a unique eleme nt of cryptographic data
used for signing transactions on a blockchain and known to the owner
of the unique element;
12. “Secure custody solution ” means a technological product or
blended product and service which has the following characteristics:
a. the cryptographic private keys that secure digital
assets are exclusive ly known by and accessible to a
government entity,
b. the cryptographic private keys that secure digital
assets are exclusively contained within an encrypted
environment and accessible onl y via end-to-end
encrypted channels,
c. the cryptographic private keys that secure digital
assets are not contained by, accessible by, or
controllable through the use of a smartp hone,
d. any hardware that contains the cryptographic private
keys that secure digital assets is maintained in at
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least two geographically diversified and specially
designated secure data centers,
e. the enforcement of a multi -party governance structure
for authorizing transactions, enforcing user access
controls, and logging all user-initiated actions,
f. the provider of the secure custody solution has
implemented a disaster recovery protocol to ensure
customer access to assets in the event the provider is
unavailable, and
g. the performance of regular code audits and penetration
testing from audit firms , and prompt remediation of
identified vulnerabilities;
13. “Self-hosted wallet” means a digital interface used to
secure and transfer digital assets and u nder which the owner of the
digital asset retains independent control over the digital assets
that are secured by such digital interface;
14. “Stablecoin” means a digital asset that is issued by a
corporation and is backed by United States dollars or high-quality
liquid assets and is redeemable on demand by the holder at par for a
fixed monetary value in equivalent United States dollars;
10. 15. “Hardware wallet” means a physical device that is not
continuously connected to the Internet and allows an indi vidual to
secure and transfer digital assets and under which the owner of the
digital assets retains independent control over the digital assets;
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11. 16. “Staking” means the act of committing digital assets
for a period of time to validate and secure a sp ecific blockchain
protocol; and
12. 17. “Staking as a service ” means the provision of technical
staking services, including the operation of nodes and the
associated infrastructure, necessary to facilitate participation in
blockchain protocols ’ consensus mechanisms; and
18. “Qualified custodian” means any federal or state -chartered
bank, trust company, or special purpose depository institution or a
company regulated by the state which provides storage for digital
assets for an approved exchange -traded product.
SECTION 2. This act shall become effective November 1, 2025.
60-1-983 CN 1/16/2025 10:37:04 AM