Oklahoma Senator Proposes Bitcoin Freedom Act to Allow BTC Payments

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On January 8, Oklahoma Senator Dusty Deevers presented the Bitcoin Liberty Bill with the aim of accelerating cryptocurrency usage within the state.

A Republican Senator has submitted Senate Bill 325 (SB325), a plan which grants Oklahoma workers the option to receive payment in Bitcoin, and allows businesses within the state to accept Bitcoin as a form of payment for their products or services.

Senator Deevers Pushes for Bitcoin Payments to Combat Inflation

Senator Dusty Deevers proposed the bill as a reaction to rising prices (inflation), claiming that it weakens the buying capacity of Oklahoma’s residents.

In a period where rising inflation is reducing the buying capacity of diligent Oklahoma residents, Bitcoin offers an exceptional chance for safeguarding income and assets, as stated by Deevers.

As a crypto investor, I’ve come to appreciate Bitcoin more and more for its unique attribute of having a fixed supply. This scarcity makes it increasingly seen as a safeguard against inflation, which can erode the value of traditional currencies like the US dollar due to government monetary policies. Essentially, Bitcoin presents an attractive alternative for preserving earnings and investments during these uncertain economic times.

Washington D.C.’s actions have a tendency to cause harm, and it seems that they are currently undermining the US Dollar. Inflation, stemming from excessive spending and money printing, is gradually reducing the buying power of Oklahomans. It’s high time we began exploring alternatives less susceptible to Washington’s recklessness and ineptitude, as expressed by Deevers on Twitter.

Under the Bitcoin Liberty Bill, participation would be entirely optional. This means that workers could opt to receive their salaries in Bitcoin, while businesses could choose whether or not to accept Bitcoin transactions as payment. Essentially, this bill grants both individuals and companies the freedom to utilize Bitcoin according to their preferences.

Moreover, Deevers emphasized the expanding impact of Bitcoin, pointing out its notable rise within conventional financial systems and public discussions related to politics.

Deevers pointed out that Donald Trump’s intense focus on Bitcoin during his campaign, and his appearances at major Bitcoin conferences, underscores the fact that Bitcoin is now firmly embedded within our economic landscape. It’s indisputable that Bitcoin plays a crucial role in shaping the financial future.

During his tenure, President Donald Trump has been an outspoken advocate for Bitcoin. Notably, the value of Bitcoin reached unprecedented peaks shortly after Trump’s election win.

As an analyst, I’m expressing my interpretation that the senator holds the viewpoint that the passage of SB325 could place Oklahoma at the vanguard of the global cryptocurrency wave.

During the upcoming 60th legislative session, starting on February 3, Oklahoma’s legislators will review the proposed bill. If this bill gets approved, it might pave the way for incorporating Bitcoin into Oklahoma’s economic system, potentially signifying a substantial advancement in this direction.

The proposed Oklahoma legislation arises amidst growing interest in the U.S. for establishing Bitcoin Reserves. Reports indicate that at least 13 out of the 50 U.S. states are actively considering setting up Bitcoin Reserves.

Ohio State Representative Derek Merrin pointed out the potential for the U.S. dollar to lose value and suggested that Bitcoin could offer a diverse investment option for the state. As such, he proposed a bill aimed at establishing a Bitcoin reserve within Ohio’s treasury.

Furthermore, legislators in Texas, Pennsylvania, and Florida have also proposed bills with comparable content.

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2025-01-09 12:07