TLDR
- Oklahoma lawmakers have introduced Senate Bill 2064, allowing state employees to receive salaries in bitcoin.
- The bill permits vendors contracting with the state to choose bitcoin payments on a per-transaction basis.
- Private businesses and individuals in Oklahoma can negotiate payments in bitcoin under the proposed legislation.
- The bill exempts bitcoin-native businesses from Oklahoma’s money transmitter licensing requirements.
- The Oklahoma State Treasurer will select a provider for processing bitcoin payments by January 1, 2027.
Oklahoma lawmakers have introduced a bill allowing state employees, vendors, private businesses, and residents to negotiate payments in bitcoin. Senate Bill 2064, introduced by Senator Dusty Deevers, establishes a legal framework for using bitcoin as a medium of exchange. The bill clarifies that it does not conflict with the U.S. Constitution’s prohibition on states coining money, positioning bitcoin as a financial instrument.
Oklahoma State Employees Can Choose Bitcoin for Salary Payments
Senate Bill 2064 allows Oklahoma state employees to receive their wages in Bitcoin. Employees can choose to receive compensation in bitcoin based on its market value at the beginning of the pay period or at the time of payment. This payment option would be available on a per-pay period basis, allowing employees to adjust their preferences.
Employees can also choose to receive their salary in U.S. dollars or a combination of both. Payments will be deposited either into a self-hosted wallet or a third-party custodial account designated by the employee. This flexibility allows employees to make decisions based on their preferences and the fluctuating market value of Bitcoin.
Under the proposed legislation, vendors contracting with Oklahoma can choose to receive payments in bitcoin on a per-transaction basis. The value of these payments will be determined by bitcoin’s market price at the time of the transaction, unless otherwise agreed upon in writing. This provision provides flexibility for businesses working with the state.
The bill also reduces regulatory barriers for bitcoin-native businesses. Firms that deal exclusively with digital assets and do not exchange them for U.S. dollars would be exempt from Oklahoma’s money transmitter licensing requirements. This aims to encourage the growth of businesses working with digital assets while reducing regulatory burdens.
Private Businesses and Residents in Oklahoma Can Negotiate Payments in Bitcoin
Beyond state payroll and procurement, Senate Bill 2064 allows private businesses and individuals in Oklahoma to negotiate payments in bitcoin. This legislation aims to integrate bitcoin into Oklahoma’s broader economy, allowing businesses to engage in transactions using the cryptocurrency. Bitcoin would serve as a voluntary medium of exchange for private parties in the state.
The bill’s provisions seek to reduce the friction for Bitcoin-based businesses. It allows for easier transactions and fosters an environment where businesses and individuals can choose to use Bitcoin without excessive regulation. The move reflects growing interest in cryptocurrency as an alternative payment method.
If enacted, the legislation will take effect on November 1, 2026. The Oklahoma State Treasurer will be tasked with selecting a provider to process bitcoin payments for state employees and vendors by January 1, 2027.