Oklahoma Bill Proposes Bitcoin as Alternative to US Dollar

Oklahoma Senator Dusty Deevers has introduced the Bitcoin Freedom Act (SB325), aiming to integrate Bitcoin into the state’s economy.

The bill seeks to allow employees and vendors to conduct transactions in Bitcoin, presenting it as an alternative to the U.S. dollar, which is weakened by inflation.

A Solution to Inflation

Deevers emphasized that inflation is eroding the purchasing power of Oklahomans, and Bitcoin offers a unique solution to safeguard earnings and investments. He views the bill as a way to stimulate innovation and economic growth in the state.

Statewide Bitcoin Adoption

The bill proposes enabling Bitcoin transactions across state agencies, private businesses, and personal dealings, while ensuring compliance with existing financial regulations.

Deevers believes this initiative could make Oklahoma a leader in adopting financial technology.

Support from National Figures

Deevers also referenced former President Trump’s pro-Bitcoin stance, citing his support for crypto-friendly policies and appointments of Bitcoin advocates to regulatory positions.

Building on Previous Legislation

Oklahoma has already taken steps to embrace cryptocurrency, having passed the Bitcoin Rights Bill (HB3594) last May.

The Bitcoin Freedom Act builds on this progress, aiming to further integrate Bitcoin into the state’s financial landscape.

Legislative Process

The bill is set to be debated during Oklahoma’s 60th legislative session, starting February 3.

Other States Consider Bitcoin Reserves

Several U.S. states are considering adding Bitcoin to their treasury reserves. Ohio, Texas, and Pennsylvania have introduced bills that would allow their states to hold Bitcoin as a reserve asset.

Corporate Bitcoin Holdings

Corporations like MicroStrategy and Riot Platforms have also expanded their Bitcoin holdings, signaling growing interest in the asset.

Government’s Bitcoin Strategy

Despite these state-level initiatives, the U.S. government is not expected to purchase Bitcoin in 2025.

Galaxy Digital’s Alex Thorn predicts the focus will remain on managing the government’s existing Bitcoin stockpile rather than acquiring more.