BTC
by Soumen Datta
January 9, 2025
The bill aims to protect Oklahomans from inflation by offering a decentralized, deflationary alternative to the US dollar.
Oklahoma Senator Dusty Deevers introduced a bill that would allow residents to receive their wages in Bitcoin. The legislation, known as the Bitcoin Freedom Act (SB325), is designed to provide individuals and businesses in the state with the option to use Bitcoin as a payment method.
If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar.
— Dusty Deevers (@DustyDeevers) January 8, 2025
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
Senator Deevers' proposal aims to give employees the freedom to opt into receiving their wages in Bitcoin. According to the bill, businesses would also be able to accept Bitcoin as payment for goods and services. The legislation ensures that participation is voluntary, offering both employers and employees the choice of whether to engage in Bitcoin payments.
The bill has been filed for consideration during Oklahoma’s 60th legislative session, which will begin on February 3, 2025.
One of the key arguments behind the bill is the potential for Bitcoin to serve as a hedge against inflation. Senator Deevers has expressed concerns over the decreasing value of the U.S. dollar, driven by high inflation rates and excessive government spending. Bitcoin, with its fixed supply of 21 million coins, is seen as a solution to this problem, as it is resistant to inflationary pressures.
In a press release, Deevers stated:
“Inflation resulting from wasteful spending and money creation in Washington D.C. is reducing the value of the earnings of Oklahomans.”
Bitcoin, being decentralized and deflationary, allows individuals to protect their wealth from the depreciation of traditional currencies.
Senator Deevers has emphasized that the Bitcoin Freedom Act respects free-market principles. No individual or business would be required to adopt Bitcoin as a payment method. This approach aligns with Deevers’ belief that financial freedom should be left to the choices of individuals and businesses.
The proposed bill also seeks to establish a framework for the secure use of Bitcoin in Oklahoma, providing legal and regulatory clarity for both businesses and residents. By creating a framework for Bitcoin transactions, the bill aims to increase the security and legitimacy of cryptocurrency in Oklahoma’s economy.
Senator Deevers has been a vocal critic of the U.S. dollar’s depreciation, citing concerns about government overreach and inflation. He has expressed a desire for Oklahoma to lead by example in embracing new technologies, including cryptocurrency.
The Republican Senator highlighted that Bitcoin’s decentralized nature allows for financial sovereignty and privacy, making it an attractive option for those seeking to protect their wealth from inflationary forces and government control.
Deevers also criticized central bank digital currencies (CBDCs), arguing that they enable governments to track, control, and restrict transactions, thus compromising financial privacy. In contrast, Bitcoin’s censorship-resistant design ensures that individuals retain control over their money without interference from central authorities.
Deevers’ proposal comes at a time when Bitcoin is gaining acceptance both within the United States and internationally. Countries such as Bhutan and the Czech Republic are already exploring the integration of Bitcoin into their financial systems. Several states, including Oklahoma, are now considering how they can incorporate cryptocurrency into their economies.
President-elect Donald Trump has also spoken positively about Bitcoin, which has helped increase its acceptance within mainstream financial circles.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
Latest News
1h : 37m ago
Bio Protocol and NuDAO Partner to Revolutionize Decentralized Science (DeSci)
6h : 7m ago
Backpack Clarifies Acquisition of FTX EU Assets Amid FTX Estate Denial
11h : 52m ago
Oklahoma Senator Proposes Bill to Allow Employees to Receive Wages in Bitcoin
January 8, 2025
Bhutan's Gelephu Mindfulness City Plans to Embrace Crypto in Strategic Reserves
January 8, 2025
Sol Strategies Secures CAD $25M to Expand Solana Holdings
January 8, 2025
Ripple Leverages Chainlink Standard to Boost RLUSD Stablecoin’s DeFi Integration
January 7, 2025
Backpack Exchange Acquires FTX EU, Sets Sights on European Crypto Market Dominance
January 7, 2025
Terra Collapse Victims Could Reach One Million, Says U.S. Prosecutors