Oklahoma Senator Introduces Groundbreaking Bitcoin Freedom Act

Oklahoma has taken a bold step toward cryptocurrency adoption with Republican Senator Dusty Deevers filing new legislation that would enable state residents and employees to receive payments and salaries in Bitcoin (BTC).

Key Provisions of the Bitcoin Freedom Act

The proposed legislation, designated as SB325, establishes a comprehensive framework for Bitcoin integration in Oklahoma's economy. The bill aims to:

• Enable voluntary Bitcoin payments for salaries and transactions

• Create a secure framework for Bitcoin usage by state entities, businesses, and residents

• Maintain free-market principles through optional participation

• Authorize Bitcoin as a legitimate medium for transactions, compensation, and investments

Legislative Timeline and Support

The Bitcoin Freedom Act will be eligible for consideration when the 60th legislative session begins on February 3. The legislation builds upon Oklahoma's existing crypto-friendly stance, following Governor Kevin Stitt's May 2024 law that established a legal framework for blockchain companies and protected crypto mining activities.

Economic Motivations

Senator Deevers, who is also a pastor, emphasized the bill's economic rationale, citing concerns about inflation and dollar devaluation. "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 stated after introducing the bill on January 8.

Anti-CBDC Stance

The senator has taken a strong position against central bank digital currencies (CBDCs), arguing they enable excessive government control and surveillance. In contrast, he praised Bitcoin's decentralized nature, stating, "Bitcoin promotes financial sovereignty. Its decentralized, censorship-resistant design allows individuals to retain full control over their money, free from government interference or inflationary manipulation."

Political Context

The legislation aligns with broader political trends, including President-elect Trump's pro-Bitcoin stance. Deevers noted that "Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future." The senator views this legislation as fulfilling his campaign promise to fight for his constituents' financial well-being and combat inflation's effects.

Economic Background

The bill comes as U.S. inflation stands at 2.7%, according to Trading Economics, following a significant surge to over 9% during the pandemic in mid-2022. Oklahoma's proactive stance on cryptocurrency regulation, including its recent law supporting Bitcoin mining operations, positions the state as an emerging leader in cryptocurrency adoption.

This groundbreaking legislation represents a significant step toward mainstream cryptocurrency adoption at the state level, potentially setting a precedent for other states to follow.