Oklahoma Republican Senator Dusty Deevers has proposed a law that would allow employees and residents in the state to choose to receive salaries and make payments in Bit and allow merchants to accept BTC payments.
Bit and Financial Protection
"At a time when inflation is eroding the purchasing power of hardworking Oklahomans, Bit offers a unique opportunity to protect incomes and investments," Deevers stated after introducing the Bit Freedom Act on January 8.
Response to the Weakening of the USD
"As Bit continues to rise and the value of the USD continues to be printed more in Washington D.C., Oklahoma must act to protect our people," Deevers added.
Content of SB325 Act
The bill, named SB325, ensures "full voluntary participation," "respects the principles of free market" and empowers employees, employers and businesses to choose their own payment methods, he said.
The purpose of this act is to "establish a legal framework for the safe use of Bit by the State of Oklahoma, private businesses, and individual residents," and another purpose is to "authorize Bit as a medium of exchange for transactions, wages, and investments."
Praise for President-elect Trump
Senator Deevers praised President-elect Trump's support for Bit, saying, "Bit has gone mainstream and it's undeniable that it is an important part of the financial future."
This act positions Oklahoma to be "a national leader" while ensuring the state "embraces the future of financial technology and provides more financial choices for our people," he said.
Dusty Deevers' Bit Freedom Act. Source: Dusty Deevers
Consideration in the 60th Legislative Session
The Bit Freedom Act will be considered in the 60th legislative session starting February 3.
Senator Deevers is among those increasingly frustrated with high inflation in the US. "If Washington D.C. can mess something up, they pretty much will. And they're certainly messing up the USD," he said on X on January 8, along with the statement:
"One of my biggest commitments in my campaign was to fight for the financial prosperity of the people I represent and do what I can to offset the damage caused by inflation."
Criticism of Central Bank Digital Currency (CBDC)
Deevers, who is also a pastor, criticized central bank digital currencies (CBDCs), stating on X on January 9 that they allow governments to expand surveillance and control powers. "They give central authorities the power to track, control and restrict individual transactions, undermining privacy and financial freedom," he said before praising the values of Bit:
"Bit promotes financial sovereignty. Its decentralized, censorship-resistant design allows individuals to have full control over their money, free from government interference or inflationary manipulation."
US Inflation Developments
Inflation in the US has risen since September 2024 and is currently at 2.7%, according to Trading Economics. It had spiked to a four-decade high of 9% in mid-2022 during the pandemic and lockdowns.
Inflation in the US is rising again. Source: Trading Economics
Law Protecting Bit Mining Activities in Oklahoma
In May 2024, Oklahoma Governor Kevin Stitt signed a law that created a legal framework for Blockchain companies and protected cryptocurrency mining activities. This law, effective from November, made Bit mining in the state easier.
