US State Oklahoma introduces a Senate bill, the “Bitcoin Freedom Act,” to enable the acceptance of compensation in BTC.
Senator Dusty Deevers sponsored the bill. It proposes a framework allowing state employees, businesses, and individuals to receive payments and compensation in Bitcoin.
Notably, the bill empowers Oklahomans to utilize Bitcoin as a hedge against inflation and a financial alternative to traditional currencies.
Voluntary Bitcoin Payment System
Specifically, the Bitcoin Freedom Act would allow employees of the state of Oklahoma, private businesses, and individuals to negotiate and receive payments, including salaries and wages, in Bitcoin. Businesses could also opt-in to accept Bitcoin for goods and services.
Notably, employees who choose to receive their compensation in Bitcoin can agree on a set price based on the market value of Bitcoin at either the beginning of the pay period or at the time of payment. The parties will document this price in an electronic record and could change it at the start of each pay period.
Meanwhile, the bill ensures that participation in the Bitcoin payment system remains voluntary, adhering to free-market principles. Moreover, it grants employees the option to adjust their payment preferences between Bitcoin, U.S. dollars, or a combination of both.
Exemptions for Digital Asset Firms
One of the bill’s key provisions is exempting certain digital asset firms from state money transmitter licensing requirements. This move aims to reduce the regulatory burden on cryptocurrency-related businesses and foster innovation in the state.
State Treasurer’s Role and Implementation Timeline
The Oklahoma State Treasurer will play a central role in implementing the Bitcoin payment system. Specifically, the bill directs the Treasurer to put out a request for proposal (RFP) to select a digital asset firm to process Bitcoin payments for state employees and vendors.
They must finalize a contract with a select firm by January 1, 2026. This is to ensure the state has a system in place by that date.
Additionally, the Oklahoma Tax Commission is tasked with issuing guidance on the tax implications of receiving digital assets as payment. They will finalize this by the same deadline, providing clarity for taxpayers and businesses operating in the state.
Senator Deevers’ Vision for Oklahoma’s Future
Sen. Dusty Deevers, the bill’s sponsor, expressed his belief that Bitcoin presents a unique opportunity for Oklahomans to protect their earnings from inflation. He cited the decreasing purchasing power of the U.S. dollar in recent years.
“As Bitcoin continues to rise and the dollar’s value continues to be printed away in Washington D.C., Oklahoma must act to protect our people,” Deevers said.
He also noted that Bitcoin is no longer a fringe financial asset, highlighting its growing acceptance within mainstream financial markets.
Deevers is positioning Oklahoma at the forefront of cryptocurrency adoption in the U.S. According to him, the bill would place the state in a national leadership role in embracing new financial technologies.
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