Republican state senator Dusty Deevers recently introduced a bill allowing Oklahoma employees and residents to opt to receive salaries in Bitcoin and enable businesses to accept BTC payments.
Oklahoma Senator Introduces Bitcoin Freedom Act
On January 8, Senator Dusty Deevers announced the Bitcoin Freedom Act, a proposed bill to allow BTC as a payment option for Oklahoma employees and businesses. The legislation, called SB325, would allow employees to choose BTC as a payment method and allow vendors to accept BTC for goods and services.
Senator Deevers stated that the flagship cryptocurrency could provide Oklahomans an opportunity to protect their salaries and investments from inflation, as it offers a “promising alternative for preserving wealth:”
In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments. As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.
According to the filing, the act “does not establish Bitcoin as a legal tender but recognizes its use as a financial instrument and medium of exchange within existing legal frameworks.”
Senator Deevers introduces SB325. Source: Legiscan
It aims to “establish a framework for the secure use of Bitcoin by the State of Oklahoma, private businesses, and individual residents,” and “authorize Bitcoin as an acceptable medium for transactions, salaries, and investments.”
Moreover, SB325 ensures participation is “entirely voluntary, respecting the free-market principles.” The bill is also set to empower employees, employers, and businesses to choose the payment options that work best for them.
The Bitcoin Freedom Act will be eligible for consideration in the 60th legislative session beginning on February 3.
US States Working On BTC Reserves
On X, the Republican Senator criticized US high inflation, stating, “If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar.” He considers it’s “past time to start looking at options less vulnerable to D.C. recklessness and incompetence.”
Additionally, the Oklahoman Senator added that the “small but possibly revolutionary change” could potentially “offset the harms suffered due to inflation and make Oklahoma a national leader who embraces the future of financial technology.”
This bill follows the efforts of other US states to create BTC-related legislation, including several Strategic Bitcoin Reserves (SBR). In December, Ohio State Representative Derek Merrin introduced a bill to create a BTC reserve within the state treasury.
The “Ohio Bitcoin Reserve Act,” or House Bill 703, aims to establish a dedicated fund within Ohio’s treasury and provide the State Treasurer with a legal framework that allows them to purchase and hold BTC.
Similarly, Pennsylvania introduced its SBR Act in November, while Texas introduced a bill that would allow the state to accept taxes, fees, and donations in BTC, to hold these assets for a minimum of five years.
Meanwhile, the state of Florida, backed by pro-BTC leadership and advocacy from the Florida Blockchain Business Association (FBBA), is working to launch its Strategic BTC Reserve in the first quarter of 2025.
Bitcoin is trading at $93,408 in the weekly chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
