Bill > SB325

This bill introduces comprehensive legislation in Oklahoma to recognize and facilitate the use of Bitcoin as a financial instrument and medium of exchange. The bill defines Bitcoin as a decentralized digital asset with a fixed maximum supply of 21 million units, and provides a framework for its use in state transactions, employee compensation, and vendor payments. It exempts certain digital asset firms from money transmitter licensing requirements and allows state employees, businesses, and residents to negotiate and receive payments in Bitcoin. Employees who choose to be paid in Bitcoin can agree on valuation methods, such as using the market value at the beginning of a pay period or at the time of payment, and can opt to receive their compensation in Bitcoin, U.S. dollars, or a combination thereof. The State Treasurer is required to solicit proposals from digital asset firms to implement Bitcoin payments, considering factors like transaction fees, payment speed, cybersecurity, and custody solutions. The bill mandates that the Treasurer enter into a contract with a suitable firm by January 1, 2026, and requires the Oklahoma Tax Commission to issue guidance on the tax implications of digital asset payments by the same date. Importantly, the bill emphasizes that Bitcoin is not being established as legal tender but is being recognized as a legitimate financial instrument within existing legal frameworks.

Transportation and Infrastructure

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb325&Session=2600