Republican state Sen. Dusty Devers recently introduced a bill that would allow Oklahoma employees and residents to choose to receive their paychecks in Bitcoin, and businesses to accept payments in Bitcoin.
Oklahoma State Senator Introduces Bitcoin Freedom Act
January 8th, Senator Dusty Devers announced The Bitcoin Freedom Act is a bill that would allow BTC as a payment option for Oklahoma employees and businesses. The bill, known as SB325, would allow employees to select BTC as a payment method and allow vendors to accept BTC as payment for goods and services.
Sen. Devers said the flagship cryptocurrency could offer Oklahomans the opportunity to protect their paychecks and investments from inflation because it offers a “promising alternative for preserving wealth.”
As inflation erodes the purchasing power of hard-working Oklahomans, Bitcoin offers a unique opportunity to protect your earnings and investments. As Bitcoin continues to rise and the value of dollars continues to be printed in Washington, D.C., Oklahoma must act to protect its citizens.
According to the filing, the law “does not establish Bitcoin as legal tender, but allows its use as a financial instrument and medium of exchange within the existing legal framework.”
Senator Deevers introduces SB325. Source: Legiscan
It aims to “establish a framework for the secure use of Bitcoin by the State of Oklahoma, private businesses, and individual residents” and “authorize Bitcoin as an acceptable medium for transactions, payroll, and investments.”
Additionally, SB325 ensures that participation “respects free market principles and is completely voluntary.” The bill also aims to help employees, employers, and businesses choose the payment option that works best for them.
The Bitcoin Freedom Act will be considered during the 60th Congress, which begins on February 3rd.
US states gearing up for BTC preparation
Regarding X, Republican Senator criticized High inflation in the U.S. “if Washington, D.C., can mess something up, it probably will, and it's certainly ruining the U.S. dollar.” “It is past time to start considering less vulnerable options.”
Additionally, the Oklahoma senator added, “small but perhaps revolutionary changes” could “offset the damage done by inflation and make Oklahoma a national leader in embracing the future of financial technology.”
The bill follows efforts in other US states to enact BTC-related legislation, including several Strategic Bitcoin Reserves (SBRs). In December, Ohio Representative Derek Merrin introduced a bill that would create a BTC reserve within the state Treasury.
The “Ohio Bitcoin Reserve Act,” or House Bill 703, aims to establish a dedicated fund within the Ohio Treasury Department and provide the state Treasurer with a legal framework to authorize the purchase and holding of BTC. That's what I mean.
Similarly, Pennsylvania introduced an SBR law in November, and Texas introduced legislation that would allow states to accept taxes, fees, and donations in BTC and hold these assets for a minimum of five years.
Meanwhile, the state of Florida is committed to launching a strategic BTC reserve fund in the first quarter of 2025, with pro-BTC leadership and support from the Florida Blockchain Business Association (FBBA).
Bitcoin is trading at $93,408 in the weekly chart. Source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
