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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 325 By: Deevers
AS INTRODUCED
An Act relating to Bitcoin; stating intent; defining
terms; exempting certain firms from certain licensing
requirements; authorizing state employees, private
businesses, and individuals to negotiate and receive
payments in Bitcoin; authorizing certain employees
and vendors to elect to receive compensation in
Bitcoin; prescribing requirements; prescribing value;
providing for deposit of funds; requiring the State
Treasurer to create certain request for proposal;
stipulating consideration; requiring the Treasurer to
enter certain contract by certain date; authorizing
the Treasurer to promulgate rules; requiring the
Oklahoma Tax Commission to issue certain guidance;
providing for noncodification; providing for
codification; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law not to be
codified in the Oklahoma Statutes reads as follows:
The Legislature hereby fi nds that:
1. Section 10 of Article I of the United States Constitution
limits states from coining money or making anything but gold and
silver coin legal tender in payment of de bts. This act does not
establish Bitcoin as legal tender but recognizes its use as a
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financial instrument and medium of exchange within existing legal
frameworks;
2. The Tenth Amendment to the United States Constitution
reserves to the states powers not delegated to the federal
government. Oklahoma has the authority to regulate i ts financial
operations, investments, and partnerships, including Bitcoin
transactions, within the bounds of federal law;
4. Section 36 of Article II of the Oklahoma Constitutio n
provides the state with the power to legislate for the general
welfare. This act supports the general welfare by fostering
innovation, increasing fiscal transparency, and encouraging economic
growth through the integration of Bitcoin; and
5. The purpose of this act is to:
a. establish a framework for the secure use of Bitcoin by
the State of Oklahoma, private businesses, and
individual residents,
b. authorize Bitcoin as an acceptable medium for
transactions, salaries, and investments, and
c. ensure compliance with all state and federal legal
requirements.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 100a of Title 75A, unless there
is created a duplication in numbering, reads as follows :
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A. “Bitcoin” means a specific decentralized digital asset not
issued by any central authority, limited to twenty -one million
(21,000,000) units, based on open -source software that uses peer -to-
peer technology to be sent without intermediaries on the blo ckchain
protocol, secured by digital asset mining and verified by a network
of nodes.
B. “Digital asset” means virtual currency, cryptocurrencies,
natively electronic assets, including stablecoins and non -fungible
tokens (NFTs), and other digital -only assets that confer economic,
proprietary, or access rights or powers.
C. “Self-hosted wallet” means a digital interface that is used
to do both of the following:
1. Secure and transfer digital assets; and
2. Retain independent control over the secured digi tal assets
by the owner of the digital asset.
D. “Governing authority” means any board, commission,
department, or other agency of the state or any political
subdivision in this state.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 105 of Title 75A, unless there
is created a duplication in numbering, reads as follows:
Notwithstanding any other provision of law, any firm that deals
with digital assets and does not accept United States currency
payments or exchanges digital assets for United States currency
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shall not be required to obtain a state money transmitters license
under Section 1513 of Title 6 of the Oklahoma Statutes .
SECTION 4. NEW LAW A new section of law t o be codified
in the Oklahoma Statutes as Section 73.2 of Title 62, unless the re
is created a duplication in numbering, reads as follows:
A. Any employee of this state, business, corporation, other
entity, and resident of this state may negotiate and rece ive payment
and compensation, including salaries, wages, and other forms of
compensation, in Bitcoin.
B. At the creation of a purchase order, any vendor may elect to
receive payment in the form of Bitcoin pursuant to the provisions of
subsection A of this section. Such election shall be binding for
the specific purchase order or t ransaction. Payments shall be
valued based on the market value of Bitcoin at the time of the
transaction unless otherwise agreed upon in writing which may be
kept solely as an electronic record.
C. Any employee of this state electing to receive payment in
Bitcoin pursuant to this section shall:
1. Come to an agreement with this state whether the payment of
compensation in Bitcoin will be:
a. based on the market value of Bitcoin at the beginning
of the pay period, or
b. based on the market value of Bitcoi n at the time of
payment;
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2. Document in writing agreements made pursuant to paragraph 1
of this subsection, which may be kept electronically, and maintained
by this state for that pay period;
3. Be granted the option at the start of each pay period to
revise his or her election to receive payment in Bitcoin or U.S.
dollars or some combination thereof. If no adjustment is made, the
agreement from the previous pay period will ho ld; and
4. Deposit payments in the self -hosted wallet of the employee
or to an account designed by the employee, but controlled by a
third-party, which can safely hold Bitcoin.
D. The State Treasurer shall put out a request for proposal for
a firm dealing with digital assets to implement the provisions of
this act for paying state employees and vendors with Bitcoin. The
Treasurer shall consider the following factors when determining a
firm to implement the processing of Bitcoin payments pursuant to the
provisions of this act:
1. The fees associated with paying state employees and vendors
in Bitcoin;
2. The speed of paying state employees and vendors in Bitcoin;
3. The cybersecurity protocols of the firm applying;
4. The ability of the firm to provide custody solutions to
employees and vendors;
5. Any license the firm may hold with this state; and
6. Any other factors the Treasurer deems relevant.
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E. The Treasurer shall enter into a contract with a firm
pursuant to the provisions of subsection D of this section no later
than January 1, 2026.
F. The State Treasurer may promulg ate rules to effectuate the
provisions of this act.
G. The Oklahoma Tax Commission shall issue guidance on the tax
implications of receiving digital assets as payment no later t han
January 1, 2026.
SECTION 5. This act shall become effective November 1, 2025.
60-1-1457 QD 12/31/2024 12:23:50 PM