#SelfCustody

[unpluggedfinancial]

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.

[thecryptoindustry]

Not your keys, not your cheese!

They can call it "Self Custody" BUT it's not unless:

- You can create a wallet address without their mobile app - You alone can access the Private Key

If the app does not let you see the private key, it's:

- a scam - centralized - co-custody or their custody NOT your custody

[mortallychaoticrebel]

🚨 Michael Saylor is making waves in the #Bitcoin community by endorsing big banks for Bitcoin custody! Is he right, or has he lost touch with decentralization? 🤔💼 Read more in my latest post! https://finixyta.com/michael-saylor-bitcoin-custody-controversy-banks/ #Crypto #SelfCustody #BitcoinCustody #MichaelSaylor

[bitcoincables]

Concerns Raised Over Potential Approval of Spot Bitcoin ETF

Potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States could have negative implications for the original vision of Bitcoin, according to Bitcoin analyst Josef Tětek. Tětek suggests that a spot Bitcoin ETF conflicts with the idea of self-custody, where users hold their own private keys and take full responsibility for their Bitcoin. He argues that if a spot Bitcoin ETF is approved, large quantities of BTC may be stored in centralized locations that could be seized by the government. Furthermore, ETF holders would not be able to withdraw the underlying asset, which raises concerns about the issuance of "paper Bitcoin" not backed by actual Bitcoin.

While some analysts and firms anticipate the approval of a spot Bitcoin ETF in January 2024, not everyone shares the optimism. Arthur Hayes, co-founder of BitMEX, believes that successful spot BTC ETFs could be detrimental to Bitcoin. They could potentially compete with centralized crypto exchanges like Coinbase and may even "completely destroy" Bitcoin. However, not all experts agree with this. Mati Greenspan, founder of Quantum Economics, sees no conflict between self-custody and spot Bitcoin ETFs, as most retail users are likely to prefer self-custody over ETFs.

This debate highlights the potential downsides and complexities that may arise if a spot Bitcoin ETF is approved, affecting the original principles and vision of Bitcoin by introducing centralization and possible government seizure. It also reflects a divergence of opinions on the impact of such ETFs on the Bitcoin ecosystem and the preferences of different types of investors.

Read the original article

Related hashtags: #bitcoin, #etf, #selfcustody, #crypto

[decentralisednews]

CoolWallet Pro: Web3 Hardware Wallet || Review & User Guide 2023

In today's video, we dive deep into the revolutionary CoolWallet. Whether you're new to crypto or an experienced trader, the CoolWallet offers unparalleled safety and user-friendliness. From its unique charging instructions to seamless pairing with the CoolWallet App, our review covers everything. We also delve into seed creation, verification, and how to recover your wallet using mnemonics. Join us as we embark on this crypto journey and learn why the CoolWallet might just be the game-changer you've been looking for. Don't forget to like, share, and subscribe for more insightful reviews!

Get your CoolWallet Pro: https://www.coolwallet.io/product/coolwallet-pro/?ref=zjblodh

Read the complete guide: https://decentralised.news/coolwallet-review-2023-best-cold-storage-solution/

Subscribe to our newsletter: https://decentralised.news/newsletter/

Recommended crypto platforms: https://decentralised.news/ecosystem/

Free Crypto resources: https://decentralised.news/resources/

#CoolWallet #DeFi #Selfcustody #Crypto #Blockchain #Tech

[earningpill]

Crypto Storage Firm Qredo's Revamped Self-Custody Wallet Goes Live

The New Qredo remains aimed at the institutional crypto market, but now it’s low-cost and open to anyone, says COO Josh Goodbody. #Crypto #Storage #Firm #Qredo039s #Revamped #SelfCustody #Wallet #Live

[osarothomprince]

Diversified set of guardians required for safe self-custody: Vitalik Buterin

In a Reddit post, Buterin emphasized that having too much of a concentrated grasp of your self-custody wallets can be a bad thing if you get “hacked, coerced, or incapacitated or die.” #Diversified #set #guardians #required #safe #selfcustody #Vitalik #ButerinDiversified set of guardians required for safe self-custody: Vitalik Buterin

[marketingstrategy1]

Galaxy Digital Closes $44M Acquisition of Self-Custody Platform GK8

The self-custody platform was an asset of bankrupt crypto lender Celsius. #Galaxy #Digital #Closes #44M #Acquisition #SelfCustody #Platform #GK8

[tpn-cryptocurrency]

Self-Custody Is the Antidote to FTX’s Fraud

Self-Custody Is the Antidote to FTX’s Fraud

And Senator Warren’s proposed bill would make transacting with self-hosted wallets much more difficult, says Representative Warren Davidson. #SelfCustody #Antidote #FTXs #Fraud

[bitcoincables]

Jack Dorsey's Block Launches Self-Custody Bitcoin Wallet for Global Pre-Order

The fintech company, Block, founded by Jack Dorsey (co-founder of Twitter), has officially launched Bitkey, a self-custody Bitcoin wallet. The wallet is now available for pre-order in over 95 countries, making it easier for people worldwide to own and manage Bitcoin. The global launch of Bitkey includes a mobile app, a hardware device, and recovery tools. Block plans to ship the crypto wallet, which offers increased security and control over one's Bitcoin, early next year.

The development of Bitkey comes in response to incidents where centralized crypto firms failed to provide customers with access to their digital assets. By focusing on self-custody, Block aims to bring peace of mind to users and reduce dependence on a single entity. This approach means individuals have full control over their Bitcoin and can manage their finances on their own terms. The move towards self-custody has gained popularity due to recent mishandling of customer funds by centralized crypto firms.

Jack Dorsey has been a vocal advocate for self-custody and advises users to move their Bitcoin off exchanges and into their own secure wallets. In line with this philosophy, Block's partnership with leading US-based crypto exchange Coinbase aims to promote the growth of self-custody usage. With Bitkey, Block seeks to provide a safe and user-friendly solution for individuals with varying levels of experience in Bitcoin to take control of their funds. By offering a comprehensive suite of tools, Block empowers users to have ownership and control over their digital assets.

To read the full article, follow the link here.

#Bitcoin #Block #selfcustody #cryptocurrency

[cryptobitnews]

Casa Releases Self-Custody Bitcoin Wallet Focused on Privacy New York-based crypto custody startup Casa has released a new wallet for Bitcoin newbies and long-term HODLers.  

[coinnewsdesign]

Arwen enables self-custody for traders of centralized crypto exchanges

Arwen enables self-custody for traders of centralized crypto exchanges

Central Exchange is a common security concern in the cryptocurrency ecosystem. As a central point of failure, they can be heavily armed by governments, routinely attacked by hackers, or operators could initiate a scam and flee with client funds. Despite these risks, they dominate the trading volume of the cryptocurrency. A new solution promises to enable retailers to use centralized exchanges…

[osarothomprince]

Diversified set of guardians required for safe self-custody: Vitalik Buterin

In a Reddit post, Buterin emphasized that having too much of a concentrated grasp of your self-custody wallets can be a bad thing if you get “hacked, coerced, or incapacitated or die.” #Diversified #set #guardians #required #safe #selfcustody #Vitalik #ButerinDiversified set of guardians required for safe self-custody: Vitalik Buterin

[ajayuikey]

Casa pivots to provide self-custody services to secure bitcoin – TechCrunch

Casa pivots to provide self-custody services to secure bitcoin – TechCrunch

Casa, a Colorado-based provider of bitcoin security services, is launching a managed service allowing customers to buy and hold their own bitcoin, rather than using an external custodian like Coinbase.

“With self-custody using Casa it’s impossible to be hacked and nearly impossible to have your bitcoin stolen,” wrote chief executive Nick Neuman in an email. “Leaving bitcoin on an exchange (e.g.

[marketingstrategy1]

We're Responsible for Web3 User Journeys; It’s Time to Make Them Completely Self-Custodial

Crypto needs better entry (and exit) points. #We039re #Responsible #Web3 #User #Journeys #Time #Completely #SelfCustodial