Republican Senator Dusty Deevers of Oklahoma has proposed SB325, the Bitcoin Freedom Act, a bill designed to integrate BTC into Oklahoma’s economy by allowing employees to opt for Bitcoin as a payment method and enabling businesses to accept such transactions.
Deevers framed the proposal as a response to inflation, which he said undermines the purchasing power of Oklahomans. He highlighted Bitcoin’s potential as a hedge against inflation due to its fixed supply and decentralized nature, contrasting it with traditional currencies impacted by monetary policies.
Interestingly, the bill in question promotes voluntary participation and aims to boost financial flexibility for employees and businesses while positioning Oklahoma as a leader in financial technology.
Citing Bitcoin’s growing acceptance, Deevers highlighted the crypto asset’s mainstream relevance and alignment with free-market principles.
SB325 will be considered in the upcoming 60th legislative session starting February 3.
The latest development comes after Oklahoma Governor Kevin Stitt signed a landmark bill last May, creating a legal framework for blockchain technology and digital assets. The legislation prevents government restrictions on the legal use of digital assets, bans additional taxes on crypto payments, and legitimizes digital asset mining, with noise ordinances applying to both residential and industrial zones.
Other jurisdictions, such as Texas, Louisiana, Montana, and Arkansas, have passed similar laws safeguarding crypto mining as well as custody rights.
Meanwhile, Deevers’ proposal reflected a broader movement among US states to adopt Bitcoin-friendly policies as they push forward with their own ambitious crypto initiatives.
Ohio Representative Derek Merrin recently unveiled House Bill 703, the Ohio Bitcoin Reserve Act that allowed the state treasurer to invest public funds in Bitcoin. Citing concerns over dollar devaluation, Merrin deemed Bitcoin to be a revolutionary tool for preserving financial value and strengthening Ohio’s fiscal framework.
The legislation, though non-mandatory, enables strategic allocation decisions involving Bitcoin. A similar move was seen in Pennsylvania as well as Texas.
The post Oklahoma Senator Introduces Bitcoin Freedom Act to Boost Crypto Adoption appeared first on CryptoPotato.
Deevers framed the proposal as a response to inflation, which he said undermines the purchasing power of Oklahomans. He highlighted Bitcoin’s potential as a hedge against inflation due to its fixed supply and decentralized nature, contrasting it with traditional currencies impacted by monetary policies.
Bitcoin as Paycheck?
Interestingly, the bill in question promotes voluntary participation and aims to boost financial flexibility for employees and businesses while positioning Oklahoma as a leader in financial technology.
Citing Bitcoin’s growing acceptance, Deevers highlighted the crypto asset’s mainstream relevance and alignment with free-market principles.
SB325 will be considered in the upcoming 60th legislative session starting February 3.
The latest development comes after Oklahoma Governor Kevin Stitt signed a landmark bill last May, creating a legal framework for blockchain technology and digital assets. The legislation prevents government restrictions on the legal use of digital assets, bans additional taxes on crypto payments, and legitimizes digital asset mining, with noise ordinances applying to both residential and industrial zones.
Other jurisdictions, such as Texas, Louisiana, Montana, and Arkansas, have passed similar laws safeguarding crypto mining as well as custody rights.
Meanwhile, Deevers’ proposal reflected a broader movement among US states to adopt Bitcoin-friendly policies as they push forward with their own ambitious crypto initiatives.
Bitcoin Push
Ohio Representative Derek Merrin recently unveiled House Bill 703, the Ohio Bitcoin Reserve Act that allowed the state treasurer to invest public funds in Bitcoin. Citing concerns over dollar devaluation, Merrin deemed Bitcoin to be a revolutionary tool for preserving financial value and strengthening Ohio’s fiscal framework.
The legislation, though non-mandatory, enables strategic allocation decisions involving Bitcoin. A similar move was seen in Pennsylvania as well as Texas.
The post Oklahoma Senator Introduces Bitcoin Freedom Act to Boost Crypto Adoption appeared first on CryptoPotato.
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