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. 

Background on SB325

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. 

Bitcoin as a Hedge Against Inflation

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.

National Leadership and Financial Sovereignty

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.