Oklahoma Senator Files for Employee Payments in Bitcoin

Oklahomans may soon be able to receive payment in Bitcoin. This is because a bill providing the legal grounds has been set in motion.

Republican senator Dusty Deevers recently filed a bill introducing Bitcoin into the state’s economy. Captioned the “Bitcoin Freedom Act,” the new legislation would legitimize using Bitcoin for employee compensation and vendor payments.

The Bitcoin Freedom Act, SB 352

According to LegiScan, the bill proposes to permit state employees, businesses, and residents to receive payments in Bitcoin. Senator Deevers acknowledges Bitcoin as a financial instrument and highlights that Bitcoin’s flexibility as a medium of exchange will allow individuals to choose their preferred payment methods. 

“In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments,” Deevers said in a statement on Wednesday.

Meanwhile, the SB 352 bill also makes provisions for institutions that oppose the proposed legislation. Firms that do not accept US currency payments or exchange digital assets for US currency will be exempt.

However, exempting these firms will reduce Oklahoma’s regulatory burden. The Republican senator believes the move is essential to attract more businesses to the state and promote the growth of the digital asset industry. 

The filing also permits the state treasurer to create a request for proposal (RFP) for a firm to implement Bitcoin payments. The selected firm will be responsible for providing a secure and efficient payment processing system while maintaining transparency. 

Section five of the proposal reveals that the bill will be effective from November 1st this year. Furthermore, Oklahoma’s tax commission will provide guidance on the tax implications of receiving digital assets as payment. 

Meanwhile, the guidance will clarify the tax treatment of Bitcoin and other digital assets, ensuring that individuals and businesses are aware of their tax obligations. However, the state will provide tax clarity on or before 1 January 2026.

Bitcoin’s Rise to Mainstream Adoption 

Oklahoma’s recent adoption of Bitcoin as a modernized payment system mirrors a growing trend at the state and national levels. Last year, notable countries such as Bolivia and Russia, which once clamped down on Bitcoin years ago, endorsed the asset as a legitimate payment option.

Meanwhile, Bitcoin’s adoption transcends the payment sector; it has found relevance as a strategic reserve asset. Following Donald Trump’s vow to create a US Bitcoin stockpile, states like Florida and Pennsylvania have teased adopting the asset.

On a national scale, Brazil, the European Union, and Russia are contemplating adopting Bitcoin as a reserve asset, while Canada’s Vancouver has passed a Bitcoin-friendly bill.