Oklahoma Senator Introduces Bitcoin Act for Crypto Payments

Oklahoma Senator Dusty Deevers introduced the Bitcoin Freedom Act on January 8 in an attempt to speed up crypto adoption in the state.

The Republican Senator has filed Senate Bill 325 (SB325), a proposal that would allow Oklahoma employees to choose Bitcoin as a payment method and enable businesses to accept Bitcoin for goods and services.

Senator Deevers Pushes for Bitcoin Payments to Combat Inflation

Senator Dusty Deevers introduced the bill as a response to inflation, which he argues erodes the purchasing power of the people of Oklahoma.

“In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments,” Deevers said.

Bitcoin, being a cryptocurrency with a fixed supply, is increasingly viewed as a hedge against inflation. Unlike the US dollar, which can lose value due to government monetary policies, Bitcoin offers an alternative to protect earnings and investments.

“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. recklessness and incompetence,” Deevers wrote on Twitter.

The Bitcoin Freedom Act would make participation entirely voluntary. It would allow employees to choose whether they want to be paid in Bitcoin and enable businesses to decide whether to accept Bitcoin payments. This proposal gives both individuals and businesses the flexibility to adopt the cryptocurrency if they see fit.

Deevers also highlighted Bitcoin’s growing influence, citing its increasing presence in mainstream finance and political discourse.

“There is a reason President Trump campaigned heavily as a pro-Bitcoin candidate and spoke at prominent Bitcoin events. Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future,” Deevers added.

The incoming US President, Donald Trump, is a vocal supporter of Bitcoin. Interestingly, Bitcoin surged to new all-time highs following Trump’s election victory.

The senator believes that passing SB325 would position Oklahoma at the forefront of the cryptocurrency movement.

Oklahoma’s lawmakers will consider the bill during the 60th legislative session, which begins on February 3. If passed, it could mark a significant step toward integrating Bitcoin into Oklahoma’s economy.

The Oklahoma bill comes as there is a rising demand for Bitcoin Reserve in the US. It was reported that at least 13 US states, out of the total 50, are working on creating Bitcoin reserves.

Ohio State Representative Derek Merrin highlighted that with the US dollar facing devaluation, Bitcoin could diversify the state’s portfolio. He introduced a bill to create a Bitcoin reserve within Ohio’s treasury.

Moreover, lawmakers in the states of Texas, Pennsylvania, and Florida have introduced similar bills as well.