Key Takeaways:
- Oklahoma’s Bitcoin Freedom Act seeks to legalize BTC payments for goods, services, and taxes.
- Filed under SB325, it allows workers to receive salaries in Bitcoin or dollars.
- Analysts believe the bill could boost Oklahoma’s blockchain innovation and economic competitiveness.
Oklahoma Republican Senator Dusty Deevers has proposed the Bitcoin Freedom Act, aiming to legalize bitcoin (BTC) payments within the state. Filed under SB325, the legislation seeks to integrate BTC into Oklahoma’s economy by allowing individuals and businesses to transact in the cryptocurrency.
Notably, the bill highlights the adoption of bitcoin as a legal payment method for goods, services, and taxes. If passed, Oklahoma would join other states exploring bitcoin-friendly legislation amid the growing adoption of digital assets.
As stated by Senator Deevers in a January 8 post on X, “This small but possibly revolutionary change has the potential to offset the harms suffered due to inflation and make Oklahoma a national leader who embraces the future of financial technology.”
Accordingly, SB325 will be assessed in Oklahoma’s 60th legislative session beginning February 3.
Key Provisions of the Bitcoin Freedom Act
The proposed legislation includes provisions for individuals and corporations to use BTC as a medium of exchange. “The Bitcoin Freedom Act allows workers to opt into being paid in Bitcoin if they choose to,” said the Oklahoma Senator.
It further highlights that state employees opting for Bitcoin payments must agree on value timing with the state (due to the volatile nature of crypto). Interestingly, they can choose Bitcoin, US dollars, or both and adjust their preference at each pay period’s start.
Experts believe the legislation, if approved, could enhance Oklahoma’s economic competitiveness, positioning the state as a hub for blockchain and cryptocurrency innovation. Additionally, it may attract tech startups and financial service providers focused on blockchain solutions.
A Broader Push for Bitcoin Adoption
Oklahoma’s proposed Bitcoin Freedom Act reflects a larger trend of states embracing cryptocurrency-friendly policies. Notably, Senator Deever’s initiative mirrors efforts in states like Texas and Ohio to foster blockchain innovation and digital asset integration.
Public hearings and legislative discussions on SB325 are expected in the coming months, with analysts closely watching its progress. If enacted, the bill could set a precedent for integrating bitcoin into state economies, potentially influencing federal-level policy discussions on cryptocurrency adoption.
