#Oklahoma SB 1667 would authorize #cryptocurrency to be used for purchases under certain conditions; would be permitted to be used, offered, sold, exchanged & accepted as an instrument of monetary value within the governmental agencies of Oklahoma /1
Many odd definitions here: #cryptocurrency meaning "a payment instrument, virtual
currency and instrument of monetary value whether or not negotiable"... huh? Has to be all 3 apparently.... "#virtual currency" also problematic....
#Cryptocurrency exchanger means one who "facilitates
and exchanges, for compensation, cryptocurrency to currency and
provides cashing services;"- cashing meaning " providing currency in exchange for payment instruments"-so this appears to exclude only #crypto to crypto exchanges.
#token is defined as a tangible object, instrument, or coin. Does that meant tangible object, tangible instrument, or tangible coin? Instrument and coin are not defined...
electronic instrument is defined, but not "instrument." Looking further, the "#token issuer" def includes only entities that are qualified to do business in the state... I guess unincorporated entities or foreign entities are out.
A new law would call token issuers money transmitters under OK law- what about token issuers who are not incorporated or qualified to do business in OK? moving on, new law allow govt agencies to accept #cryptocurrency as payment for goods and services if ...
there is contract naming & requiring a marketplace facilitator (not a #Crypto exchange...) to convert received #cryptocurrency into currency w/in 24 hours of transmission for deposit & exchange, & to deposit such currency into the specified govt treasury account specified...
OK introduces its own defintion of "marketplace faciltiator" to mean an entity "qualified to do [biz] in this state that provides cashing & #cryptocurrency exchanger services to customers, govt agencies & marketplace sellers, or acts as a central depository for cryptocurrency."
SMDH. moving on... New law would deem token issuers to be money
transmitters, subject to state laws. Cryptocurrency shall not be
considered a commodity or security.
New law would provide that "A contractual agreement relating to #cryptocurrency used as payment under the provisions of this act shall not be denied legal effect, validity or enforceability solely because that contract
contains one or more smart contract terms." This is ok....
New law would provide that "all income derived from the purchase, sale, receipt, payment or exchange of cryptocurrency shall be subject to state income tax." As @thereaIstitches would say: "Pay up Pay up Pay up"
New law: "Any person ...engaged in the business of buying,
selling and/or facilitating the transfer of #cryptocurrency w/in
the state shall be required to be licensed as a money transmitter..." What's the outside boundary of "facilitating transfer"? #Nodes? #Miners?
New law: To determine if a particular #cryptocurrency presented as payment is negotiable & redeemable in currency, the K between the govt agency, and the named and designated marketplace shall set forht the valuation method, &
specifically name each #cryptocurrency to be used.
New law: The OK Dept. of Commerce shall develop a licensing
application & fee for issuing licenses to businesses engaged in
the transmission of virtual currency pursuant to this act, promulgate rules, form & procedures to regulate the transmission of virtual currency in OK.
Although this could be fixed with regs/rule making, what a mess.
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