The Oklahoma senator proposed a bill allowing the use of Bitcoin as a means of paying salaries and services, amid U.S. inflation at 2.7%.
Oklahoma state senator Dusty Deevers introduced the Bitcoin Freedom Act (SB325) on January 8, allowing workers and residents in the state to receive salaries in Bitcoin.
The bill also allows service providers to accept payments in this cryptocurrency. This move comes amid U.S. inflation at 2.7%, according to data from Trading Economics. This is a significant step forward, following the law supporting blockchain activity and cryptocurrency mining enacted in May 2024, which takes effect in November 2024.
Mr. Deevers argues that Bitcoin, with its potential for value appreciation, can be a tool to protect the people of Oklahoma from the erosion of purchasing power caused by inflation, especially as the U.S. dollar is affected by monetary policy. The bill emphasizes voluntariness, respecting free market principles, allowing workers, employers, and businesses to freely choose their payment method.
The core objective of SB325 is to establish a safe legal framework for the use of Bitcoin in Oklahoma, both in the public and private sectors, while recognizing Bitcoin as a legal means of payment for transactions, wages, and investments.
The Bitcoin Freedom Act by Dusty Deevers. Source: Dusty Deevers
Mr. Deevers believes that this bill aligns with President Donald Trump's pro-Bitcoin stance and will make Oklahoma a pioneering state in the application of financial technology, providing more financial options for its citizens.
The feasibility of Bitcoin in the current economic context
The review of this bill takes place in the context of U.S. inflation having risen again since September 2024, after peaking above 9% in mid-2022. Mr. Deevers, who regularly criticizes the federal government's monetary policy, believes that money printing is weakening the dollar. He affirms his commitment to protecting the financial interests of voters and minimizing the negative impacts of inflation.
In addition to supporting Bitcoin, Mr. Deevers also expressed concerns about central bank digital currencies (CBDC). He believes that CBDCs pose the risk of excessive government interference in financial transactions, affecting individual privacy and financial freedom. In contrast, he emphasizes the decentralization and censorship resistance of Bitcoin, allowing individuals to have complete control over their assets.
The SB325 bill will be discussed in the legislative session starting February 3. If passed, Oklahoma will be one of the first states in the U.S. to officially recognize Bitcoin as a legal means of payment.
