Emily Walker
Recently, Oklahoma Senator Dusty Deevers proposed a new law that would allow employees and residents to receive their wages in Bitcoin and permit businesses to accept Bitcoin payments.
Oklahoma’s Bitcoin Freedom Act Introduced
On January 8, Senator Dusty Deevers revealed the Bitcoin Freedom Act, a bill that would allow the use of Bitcoin (BTC) for payments in Oklahoma. Known as SB325, it enables workers to opt for BTC as their salary option and allows businesses to accept Bitcoin for transactions.
Deevers expressed that Bitcoin could help Oklahomans safeguard their earnings and investments from inflation, presenting a viable means to preserve wealth:
As inflation decreases the purchasing power of Oklahomans, Bitcoin offers a distinct opportunity to safeguard earnings and investments. With the value of the dollar being diluted, it’s essential for Oklahoma to take steps to protect its residents.
While the proposed act does not make Bitcoin legal tender, it acknowledges its role as a financial asset and a means of exchange within current legal systems.
The legislation aims to create a secure framework for Bitcoin usage among Oklahoma’s state entities, private companies, and residents, authorizing Bitcoin as a legitimate medium for transactions, salaries, and investments.
Furthermore, SB325 emphasizes that participation is completely optional, aligning with free-market principles, enabling employees and businesses to select their preferred payment methods.
This Bitcoin Freedom Act will be reviewed during the 60th legislative session, commencing on February 3.
States in the US Exploring BTC Reserves
Senator Deevers also criticized the high inflation rates in the U.S. on X, stating, “If Washington D.C. has the chance to cause damage, it will. It is damaging the US Dollar.” He believes it’s time to seek out alternatives that are less susceptible to governmental unpredictability.
In addition, Deevers claims this “small yet potentially groundbreaking change” could help alleviate inflation’s effects and position Oklahoma as a frontrunner in adopting financial technology.
This initiative follows similar legislative efforts in other states aimed at establishing Bitcoin reserves. For instance, Ohio’s Representative Derek Merrin proposed the “Ohio Bitcoin Reserve Act” in December, looking to create a specific fund in the state treasury for BTC.
In Pennsylvania, a Strategic Bitcoin Reserve Act was introduced in November, and Texas is working on a bill to allow accepting taxes and fees in Bitcoin, which would be retained for at least five years.
Florida is also advancing towards its own Strategic BTC Reserve with support from the Florida Blockchain Business Association, targeting a launch in early 2025.
