Oklahoma Senator Champions Bitcoin Freedom Act

Key Takeaways:

• Senator Deevers introduces Bill SB325 to legalize Bitcoin payments and salaries in Oklahoma
• New legislation would protect citizens from inflation while ensuring financial freedom
• Voluntary program positions Oklahoma at the forefront of crypto innovation

Oklahoma is taking a bold step toward Bitcoin adoption with the introduction of the Bitcoin Freedom Act (SB325), a proposed bill that would allow residents and businesses to transact, receive salaries, and invest using Bitcoin. 

State Senator Dusty Deevers filed the bill, which addresses growing concerns about inflation and highlights Bitcoin's potential to safeguard financial stability.

Oklahoma's Proposed  Bitcoin Freedom Act And Leadership in Financial Innovation

In the bill, Deevers described Bitcoin as a solution to eroding purchasing power, stating, “Bitcoin provides a unique opportunity to protect earnings and investments.” 

If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar.

Inflation caused by reckless spending and money printing is eroding the purchasing power of Oklahomans. It is past time to start looking at options less vulnerable to D.C.… pic.twitter.com/PrMGWdi7fe

— Dusty Deevers (@DustyDeevers) January 8, 2025

The Act will be deliberated during the 60th legislative session beginning February 3. If approved, it would enable Oklahomans to choose their preferred financial options while fostering innovation in the state’s economy.

Deevers also highlighted Bitcoin's ability as a decentralized and censorship-resistant tool. He believes the asset is free from the manipulation associated with traditional currencies and central bank digital currencies (CBDCs). 

He criticized CBDCs for enabling government overreach, stating in a post on X:

“CBDCs give central authorities the power to track, control, and restrict individual transactions, undermining financial privacy and freedom. Bitcoin promotes financial sovereignty.”

The senator added that Bitcoin’s fixed supply makes it immune to devaluation, contrasting it with the U.S. dollar, which he believes has been undermined by federal policies.

Oklahoma’s progressive stance on cryptocurrency is not new.

In May 2024, Governor Kevin Stitt signed a landmark law creating a legal framework for blockchain firms and safeguarding Bitcoin mining operations. 

The law, effective from November 2024, reduced regulatory hurdles for miners, solidifying Oklahoma’s reputation as a crypto-friendly state.

U.S Inflation and the Bitcoin Hedge

Building upon its innovation-friendly policies, the U.S. is also exploring a Digital Economic Zone (DEZ), introduced in August 2024 by USABTC, a non-governmental policy group.

The DEZ would implement tax-free Bitcoin trading and accumulation, with taxes applied only when Bitcoin is converted to traditional currency. 

This strategic approach could position the U.S. as a leading hub for the digital economy.

Moreover, persistent inflation remains a critical concern for the U.S. economy. 

US inflation data/ Source: Trading Economics

At the beginning of 2024, the inflation rate was 3.1%, peaking at 3.5% in March before stabilizing at 2.7% in November. 

JUST IN: 🇺🇸US inflation rises to 2.7% — rising for the second month in a row. pic.twitter.com/WOEzjs0kfk

— Radar🚨 (@RadarHits) December 11, 2024

While lower than its peak, inflation remains well above the 1.2% rate recorded in 2020, eroding purchasing power for American households.

Bitcoin’s decentralized nature and fixed supply make it an attractive hedge against inflation. 

Unlike fiat currencies, which are subject to devaluation due to excessive printing, Bitcoin’s supply is capped at 21 million coins. Senator Deevers reinforced this advantage, stating:

“As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”