Oklahoma State Senator Dusty Deevers has introduced groundbreaking legislation that would give state residents and businesses the option to use Bitcoin for wages and payments. The Bitcoin Freedom Act (SB325), filed on January 8, aims to establish a framework for voluntary Bitcoin adoption across the state.
The proposed bill would allow employees to receive their salaries in Bitcoin while enabling businesses to accept the cryptocurrency as payment. "Bitcoin offers a unique opportunity to safeguard investments when the dollar is losing value," Deevers explained, highlighting concerns about inflation's impact on purchasing power.
Recent data shows U.S. inflation rose from 2.6% to 2.7% in November 2024, continuing a pattern of dollar value erosion that peaked at 9.1% in June 2022. The Senator positioned the bill as a protective measure against such economic pressures.
The legislation maintains a voluntary approach, respecting free-market principles by allowing individuals and businesses to choose whether they want to participate in Bitcoin transactions. Deevers expressed strong opposition to Central Bank Digital Currencies (CBDCs), viewing Bitcoin as a path to "financial sovereignty" without government overreach.
Oklahoma has already shown support for cryptocurrency innovation. In May 2024, Governor Kevin Stitt signed legislation backing blockchain and Bitcoin mining operations in the state. The Bitcoin Freedom Act builds on this momentum, positioning Oklahoma as a leader in financial technology adoption.
The bill is scheduled for discussion when Oklahoma's legislative session begins on February 3, 2025. If passed, it would mark a major step in mainstream cryptocurrency acceptance and provide Oklahomans with new options for conducting financial transactions.
This initiative comes amid broader national discussions about cryptocurrency regulation and adoption, potentially setting a precedent for other states considering similar legislation.