Oklahoma is moving into the future of finance with the Bitcoin Freedom Act, filed by Senator Dusty Deevers on January 8, 2025.
The bill — SB325 — makes Bitcoin an optional payment method for salaries and transactions within the state, and will be heard during Oklahoma’s 60th legislative session which starts February 3.
Senator Deevers, a Republican from Elgin, believes the Bitcoin Freedom Act is a way to combat inflation which he says is eating away at the purchasing power of hard working Oklahomans.
By allowing employees to get paid in bitcoin and businesses to accept BTC for payments, Deevers believes the bill will give Oklahomans a way to protect their wealth.
“In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments” said Deevers.
“As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”
The bill is voluntary, promotes free markets and empowers individuals, businesses and employers to choose the payment options that work best for them.
According to Deevers the bill does not make bitcoin legal tender but recognizes it as a financial instrument and medium of exchange within the existing legal framework.
The Bitcoin Freedom Act sets up a framework to bring Bitcoin into Oklahoma’s economy.
If the bill is passed, it will give the state private businesses and residents the right to legally use Bitcoin for transactions, salaries and investments.
“There is a reason President Trump campaigned heavily as a pro-Bitcoin candidate and spoke at prominent Bitcoin events” said Deevers. “Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future.”
Deevers points out Bitcoin’s decentralized nature and its fixed supply as advantages over fiat. Unlike the US dollar which can be devalued through monetary policy, Bitcoin is a stable store of value.
Bitcoin is a way to preserve wealth. “Its decentralized, censorship resistant design allows individuals to retain full control over their money free from government interference or inflationary manipulation” Deevers mentioned.
He’s also been vocal about his concerns with Central Bank Digital Currencies (CBDCs) which he believes will lead to more government surveillance and control over finance.
“CBDCs give central authorities the power to track, control, and restrict individual transactions, undermining financial privacy and freedom” he said.
Related: US Senators Introduce Legislation to Block CBDCs
Deevers says Bitcoin is about financial sovereignty and independence, so it’s a part of the future of finance. The Bitcoin Freedom Act follows Oklahoma’s recent progress in the Bitcoin space.
In May 2024 Governor Kevin Stitt signed a law creating a framework for blockchain businesses and protecting bitcoin mining. The law legalized digital asset mining and prevented additional taxes on bitcoin payments.
Oklahoma joins other states that are going Bitcoin friendly. Ohio, Pennsylvania and Texas have introduced bills to create bitcoin reserves and some states are even allowing BTC to be used to pay taxes and fees.
