Senator Dusty Deevers from Oklahoma has introduced SB325, the “Bitcoin Liberty Act,” which aims to incorporate Bitcoin into Oklahoma’s economic system. This bill would permit workers to choose Bitcoin as their payment option and enable businesses to handle Bitcoin transactions.
Deevers presented the idea as a solution for the negative effects of inflation on Oklahoma residents’ spending ability. He emphasized Bitcoin’s possible role as a safeguard against inflation because of its limited supply and decentralized system, differentiating it from conventional currencies that can be influenced by monetary policies.
Bitcoin as Paycheck?
It’s noteworthy that the proposed bill encourages voluntary involvement and strives to enhance financial agility for both employees and companies, simultaneously placing Oklahoma at the forefront of financial technology innovation.
Pointing out Bitcoin’s increasing popularity, Deevers emphasized its significance within mainstream financial systems and its compatibility with free-market ideologies.
President Trump actively promoted Bitcoin during his campaign and even spoke at notable Bitcoin events because he recognized its growing importance in our economy. Bitcoin is becoming a crucial aspect of our financial future, and this law places Oklahoma at the forefront of financial technology innovation while giving our residents more diverse financial choices.
SB325 will be considered in the upcoming 60th legislative session starting February 3.
The most recent update follows Oklahoma Governor Kevin Stitt signing a significant bill in May, which established a lawful structure for blockchain technology and digital assets. This law prohibits governmental limitations on the legal application of digital assets, imposes a ban on extra taxes levied on cryptocurrency transactions, and recognizes digital asset mining, with noise regulations applicable to both residential and industrial areas.
In addition to other regions, like Texas, Louisiana, Montana, and Arkansas, several areas have enacted comparable legislation that protects cryptocurrency mining activities as well as the right to hold digital assets.
Simultaneously, Deevers’ plan was a part of a larger trend in the United States, where various states were embracing Bitcoin-compatible regulations as they progressed with their own innovative cryptocurrency projects.
Bitcoin Push
Ohio Representative Derek Merrin has introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, which permits the state treasurer to put public funds into Bitcoin. Worried about depreciation of the U.S dollar, Merrin considers Bitcoin an innovative solution for safeguarding financial worth and bolstering Ohio’s financial structure.
Although it’s not compulsory, this law empowers strategic choices regarding Bitcoin. This approach has been observed in Pennsylvania and Texas too.
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2025-01-09 20:09