Republican Senator Dusty Deevers has introduced a bill to bring Bitcoin into Oklahoma’s economy. The Bitcoin Freedom Act (SB325) aims to give employees and vendors the option to use Bitcoin for transactions. This offers an alternative to the struggling U.S. dollar, according to the senator.

Deevers stated, “In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments.” If this bill passes, it will allow Bitcoin to be used by state agencies, private businesses, and individuals, all while ensuring compliance with existing regulations.

The senator sees this bill as a way to encourage innovation and drive economic growth in the state. He highlighted Bitcoin's decentralized nature and fixed supply as safeguards against what he calls “reckless spending and money printing” from Washington D.C.

“This small but possibly revolutionary change has the potential to offset the harms suffered due to inflation and make Oklahoma a national leader in financial technology,” Deevers tweeted. He believes Bitcoin is a promising way to preserve wealth, especially in today’s political climate.

Deevers pointed out, “There’s a reason President Trump campaigned heavily as a pro-Bitcoin candidate and spoke at major Bitcoin events.” He insists that Bitcoin is now a significant part of our economy and will play a key role in our financial future.

Trump’s support for Bitcoin and his appointment of pro-crypto officials, like Paul Atkins at the U.S. Securities and Exchange Commission (SEC), have made him a key advocate for integrating Bitcoin into the U.S. economy.

This isn’t Oklahoma’s first move into cryptocurrency. Last May, the state passed the Bitcoin Rights Bill (HB3594), which protects residents’ rights to self-custody Bitcoin and use crypto for legal purchases. The Bitcoin Freedom Act is expected to be discussed during the 60th legislative session starting on February 3.

In other news, the Commodity Futures Trading Commission (CFTC) has served Coinbase with a subpoena for customer data related to Polymarket, a popular prediction market. The regulator is seeking general customer information about this blockchain-based platform.

Additionally, Elon Musk has recently backtracked on his promise to cut $2 trillion from U.S. government spending as co-head of the Department of Government Efficiency, or DOGE, which shares its acronym with Dogecoin, his favorite cryptocurrency. In a recent interview, Musk discussed his initiative, which raised eyebrows among experts in Washington shortly after Donald Trump made it official.