Republican state senator Dusty Deevers recently introduced a bill that would allow Oklahoma workers and residents to choose to receive wages in Bitcoin and make businesses 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 form of payment for Oklahoma workers and businesses. The law, called SB325, will allow employees to choose BTC as a payment method and allow merchants to accept BTC for goods and services.
Senator Deevers said the flagship cryptocurrency could give Oklahomans an opportunity to protect their incomes and investments from inflation, as it offers “another promising way to store wealth:”
At a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin offers a unique opportunity to protect income and investments. As Bitcoin continues to rise and the value of the dollar continues to be printed out of Washington DC, Oklahoma must take action to protect our citizens.
According to the filing, the act “does not establish Bitcoin as legal tender but recognizes its use as a financial instrument and means of exchange within existing legal frameworks.”
Senator Deevers introduces SB325. Source: Legiscan
It aims to “establish a framework for the safe use of Bitcoin by the State of Oklahoma, private businesses, and individual citizens,” and “endorse Bitcoin as an acceptable means of transactions, earnings, and investments.”
In addition, SB325 ensures participation is “entirely voluntary, respecting the principles of the free market.” The bill is also designed to empower workers, employers, and businesses to choose the payment methods that work best for them.
The Bitcoin Freedom Act will be eligible for consideration in the 60th legislative session that begins on February 3.
US States work on BTC Reserves
In X, the Republican Senator criticized the inflation in the US, saying, “If Washington DC can ruin something, it can. And it ruins the US Dollar.” He considers “it is past time to start looking at options that are at greater risk of negligence and incompetence of DC.”
Additionally, the Oklahoman senator added that a “small but potentially transformative change” could “end the damage caused by inflation and make Oklahoma a national leader in embracing the future of financial technology.”
This bill follows the efforts of other US states to create laws related to BTC, including several areas of 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 the Ohio treasury and provide the State Treasury 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 from BTC, to hold these assets for at least five years.
Meanwhile, the state of Florida, supported 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