Just In: Oklahoma Senator Proposes Bitcoin Freedom Act to Fight Inflation

Oklahoma State Senator Dusty Deevers has introduced the Bitcoin Freedom Act (SB325), a new proposal aimed at providing Oklahomans with alternative financial options in the face of rising inflation. The legislation seeks to enable workers to opt into receiving payment in Bitcoin and allow businesses to accept Bitcoin as payment for goods and services.

Dusty Deevers Proposes Bitcoin Freedom Act

In a press release from Oklahoma Senator Dusty Deevers’ office, SB325 would permit Oklahoma employees to opt in to receiving their wages in Bitcoin. The bill also legalises the use of Bitcoin and other digital currencies in the payment for goods and services, which reflects the trend of the development of the fintech industry.

“Inflation resulting from wasteful spending and money creation in Washington D.C. is reducing the value of the earnings of Oklahomans,” said Deevers. “Bitcoin provide a way to avoid such misfortunes, especially as the dollar keeps on depreciating.”

Bitcoin is a decentralized cryptocurrency with a fixed supply, designed to resist inflationary pressures. Proponents of the bill argue that accepting Bitcoin will give Oklahoma residents a way to protect themselves from the depreciating value of the US dollar, as well as increase their financial freedom. Amid this announcement, Bitcoin price is still in a bearish phase with the token down over 2% trading at $94,987 as of press time.

Bitcoin as a Hedge Against Inflation

The Dusty Deevers proposal supplements the growing awareness of Bitcoin as a holistic anti-inflationary asset. Fiat currencies are known to depreciate in value due to government measures such as printing of more money, however, Bitcoin has a limited supply of 21 million coins which cannot be counterfeited.

“Oklahoma must act to protect its people,” Deevers said. He pointed out that SB325 is a free-market approach and no one should be forced to join the program, neither the employees nor the employers. This approach allows people to engage with Bitcoin for the purpose of wealth preservation while at the same time, not forcing them to do so.

Bitcoin has been adopted more and more in the recent years, institutions, corporations, and even some countries hold Bitcoin as their assets. The bill puts Oklahoma in a vantage position to embrace the financial technology within the United States.

Alignment with National Trends

The proposed bill, SB325, is introduced at a time when Bitcoin is slowly being adopted both within the country and the rest of the globe. Senator Deevers cited the incoming US President Donald Trump’s positive attitude towards Bitcoin as proof of how such currency has gained acceptance in the society.

“There is a reason President Trump spoke at prominent Bitcoin events,” Deevers said. ”Bitcoin is a clear indicator of the future of finances and this law will help Oklahoma to become a leader in the use of new technologies in finance.”

At present, countries like Bhutan and the Czech Republic are even looking at Bitcoin as a part of their economic plan. According to the financial analysts, more governments and states will embrace Bitcoin by 2025, and this makes the need for such legislation as the Bitcoin Freedom Act.

Next Steps for the Bitcoin Freedom Act

SB325 will be considered during Oklahoma’s 60th legislative session, which begins on February 3.

The bill seeks to make Oklahoma one of the first states to embrace cryptocurrency while at the same time offering residents a means of protecting themselves from inflation and expanding their financial choices.

This, Deevers stressed, is why he will continue to stand against measures that work against the financial health of Oklahomans,

“This bill, along with the fight for cuts in taxes, is one step towards the protection of the earnings of the people of this state.”