A Republican Senator in Oklahoma, filed legislation letting residents receive salaries in Bitcoin as well as allowing vendors to accept BTC.
Dusty Deevers, a Republican Senator in Oklahoma, has filed legislation allowing employees and residents in the state to receive salaries in Bitcoin BTC $93 206 24h volatility: 2.7% Market cap: $1.85 T Vol. 24h: $66.31 B as well as letting vendors accept BTC payments. The senator said that the rising inflation is eroding the purchasing power of “hard-working Oklahomans”.
As a result, he believes that Bitcoin provides a unique opportunity to protect the earnings and investments of the residents. Thus, senator Deevers introduced the Bitcoin Freedom Act on Wednesday, January 8. Speaking on the development, he added:
“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”.
The bill, known as SB325, upholds voluntary participation, emphasizing “free-market principles” and allowing employees, employers, and businesses the freedom to select their preferred payment methods, he stated.
The filing notes that one of the key purposes of the Bitcoin Freedom Act is to “establish a framework for the secure use of Bitcoin by the State of Oklahoma, private businesses, and individual residents”. Similarly, another purpose of the act is to “authorize Bitcoin as an acceptable medium for transactions, salaries, and investments”.
Senator Deevers believes that the pro-Bitcoin campaign by Donald Trump during last year’s Presidential election has brought BTC into the mainstream economy thereby making it an inseparable part of the future global economy.
The senator added that the legislation will put Oklahoma in a “leadership role nationally” and will ensure that the state “embraces the future of financial technology while providing our citizens with more financial options”.
The Bitcoin Freedom Act will be up for consideration during the 60th legislative session starting on February 3. Senator Deevers has been pushing for it while being vocal about his criticism regarding the rising inflation in the US.
In his message on the X platform on January 8, he wrote:
“If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US dollar.”
“One of my biggest campaign promises was to fight for the financial well-being of those I represent and do what I could to offset the damage caused by inflation,” he added.
He also voiced his concerns about central bank digital currencies (CBDCs), stating on X on January 9 that they facilitate government overreach and surveillance. CBDCs grant central authorities the ability to track, control, and restrict individual transactions, eroding financial privacy and freedom, he wrote. While further praising Bitcoin over these issues, he said that “Bitcoin promotes financial sovereignty. Its decentralized, censorship-resistant design allows individuals to retain full control over their money, free from government interference or inflationary manipulation.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
