Oklahoma Senator Pushes Bill to Allow For Bitcoin for Wages and Payments

Oklahoma Senator Dusty Deevers has introduced the Bitcoin Freedom Act (SB325), aiming to integrate Bitcoin into the state’s economy.

The bill proposes allowing employees and vendors to conduct transactions in Bitcoin, presenting it as an alternative to the inflation-weakened U.S. dollar.

“Inflation continues to erode the purchasing power of Oklahomans. Bitcoin offers a unique solution to safeguard earnings and investments,” said Deevers in a statement on Wednesday.

Bill Proposes Statewide Adoption of Bitcoin for Transactions

The legislation seeks to enable Bitcoin transactions across state agencies, private businesses, and personal dealings, ensuring adherence to existing financial regulations.

Deevers views the bill as a catalyst for innovation and economic growth in Oklahoma.

He highlighted Bitcoin’s decentralized design and fixed supply as defenses against what he described as federal “reckless spending and money printing.”

“This initiative could make Oklahoma a national leader in adopting financial technology, mitigating inflation’s impact,” Deevers tweeted.

Drawing parallels with national trends, Deevers noted former President Trump’s pro-Bitcoin stance and his endorsement of crypto-friendly policies, such as appointing Bitcoin advocates like Paul Atkins to regulatory positions.

“There is a reason President Trump campaigned heavily as a pro-Bitcoin candidate and spoke at prominent Bitcoin events,” he said.

“Bitcoin has entered the mainstream of our economy and is unquestionably a significant part of the financial future.”

If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar.

Inflation caused by reckless spending and money printing is eroding the purchasing power of Oklahomans. It is past time to start looking at options less vulnerable to D.C.… pic.twitter.com/PrMGWdi7fe

— Dusty Deevers (@DustyDeevers) January 8, 2025

Oklahoma has previously embraced cryptocurrency with the Bitcoin Rights Bill (HB3594), passed last May, protecting residents’ rights to self-custody Bitcoin and use it for legal transactions.

The Bitcoin Freedom Act builds on these efforts, aiming to further cement the state’s position in the evolving financial landscape.

The bill is set to be debated during Oklahoma’s 60th legislative session, starting February 3.

US States Consider Adding Bitcoin To Reserves

Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.

The initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves.

In December, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.

Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.

Furthermore, corporate Bitcoin holders like MicroStrategy and Metaplanet have expanded their Bitcoin holdings.

MARA Holdings (MARA) has also bought 11,774 BTC in the latest acquisition, the company announced on X on Dec. 10.

Likewise, Riot Platforms, a Bitcoin mining company, announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further.

However, the United States government is not expected to purchase Bitcoin in 2025, according to Galaxy Digital’s head of research, Alex Thorn.

In a report published on December 27, Thorn predicted that while discussions around a Bitcoin reserve policy may progress, the government will focus on managing its existing Bitcoin stockpile rather than acquiring more.