TLDR
Oklahoma Senator Dusty Deevers introduced Bitcoin Freedom Act (SB325)
Bill allows employees to receive wages in Bitcoin
Businesses can accept Bitcoin as payment
Implementation planned for November 1, 2025
Employees can choose Bitcoin, USD, or combination for compensation
Oklahoma State Senator Dusty Deevers has introduced new legislation that could reshape how residents and businesses handle financial transactions in the state.
The Bitcoin Freedom Act, formally known as SB325, aims to establish clear guidelines for using Bitcoin in everyday transactions, including salary payments and business operations.
The proposed legislation, scheduled to take effect on November 1, 2025, would allow Oklahoma state employees, businesses, corporations, and residents to receive payments and compensation in Bitcoin. This includes various forms of compensation such as salaries and wages.
Under the new bill, participation would remain entirely voluntary, adhering to free-market principles. Employees would have the flexibility to choose whether they want to receive their compensation in Bitcoin, US dollars, or a combination of both currencies.
For state employees who opt for Bitcoin payments, the legislation requires a formal agreement with the state. This agreement would specify whether Bitcoin’s value will be determined at the beginning of the pay period or at the time of payment.
The bill includes provisions for payment modifications, allowing employees to adjust their payment preferences at the start of each new pay period. This feature provides workers with the ability to adapt their compensation structure based on their financial needs.
Senator Deevers has positioned the legislation as a response to economic concerns, particularly focusing on inflation’s impact on Oklahoma residents. The bill aims to provide alternative payment options while maintaining compliance with existing legal frameworks.
The proposed legislation addresses both the private and public sectors, creating a comprehensive framework for Bitcoin adoption in various economic activities throughout the state. This includes provisions for businesses to accept Bitcoin payments from customers.
The timing of the bill coincides with Oklahoma’s 60th legislative session, which is set to begin on February 3, 2025. This provides lawmakers with adequate time to review and discuss the implications of the proposed legislation.
The Bitcoin Freedom Act includes specific provisions for tax implications and payment agreements, ensuring that all transactions remain compliant with state and federal regulations. These guidelines aim to create a clear structure for implementing cryptocurrency payments in the state.
The bill represents part of a broader trend of cryptocurrency adoption initiatives across the United States. Other states have explored similar legislation, though Oklahoma’s approach focuses specifically on payment flexibility and voluntary participation.
Implementation details within the bill outline the technical and administrative requirements for both employers and employees. This includes systems for recording and processing Bitcoin-based transactions and compensation.
The legislation addresses the need for clear documentation and record-keeping procedures for Bitcoin transactions, ensuring transparency and accountability in all payment processes.
For businesses considering Bitcoin adoption, the bill provides guidelines on how to implement cryptocurrency payment systems while maintaining compliance with existing financial regulations.
State agencies would need to establish new protocols and systems to handle Bitcoin payments for employees who choose this option. This includes creating secure methods for processing and storing cryptocurrency transactions.
The final version of the bill awaits review and potential modifications during the upcoming legislative session, with implementation planned for late 2025.
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