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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 60th Legislature (2025)
56	56
57	57	SENATE BILL 325 By: Deevers
58	58
59	59
60	60
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62	62
63	63	AS INTRODUCED
64	64
65	65	An Act relating to Bitcoin; stating intent; defining
66	66	terms; exempting certain firms from certain licensing
67	67	requirements; authorizing state employees, private
68	68	businesses, and individuals to negotiate and receive
69	69	payments in Bitcoin; authorizing certain employees
70	70	and vendors to elect to receive compensation in
71	71	Bitcoin; prescribing requirements; prescribing value;
72	72	providing for deposit of funds; requiring the State
73	73	Treasurer to create certain request for proposal;
74	74	stipulating consideration; requiring the Treasurer to
75	75	enter certain contract by certain date; authorizing
76	76	the Treasurer to promulgate rules; requiring the
77	77	Oklahoma Tax Commission to issue certain guidance;
78	78	providing for noncodification; providing for
79	79	codification; and providing an effective date.
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85	85	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
86	86	SECTION 1. NEW LAW A new section of law not to be
87	87	codified in the Oklahoma Statutes reads as follows:
88	88	The Legislature hereby fi nds that:
89	89	1. Section 10 of Article I of the United States Constitution
90	90	limits states from coining money or making anything but gold and
91	91	silver coin legal tender in payment of de bts. This act does not
92	92	establish Bitcoin as legal tender but recognizes its use as a
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144	144	financial instrument and medium of exchange within existing legal
145	145	frameworks;
146	146	2. The Tenth Amendment to the United States Constitution
147	147	reserves to the states powers not delegated to the federal
148	148	government. Oklahoma has the authority to regulate i ts financial
149	149	operations, investments, and partnerships, including Bitcoin
150	150	transactions, within the bounds of federal law;
151	151	4. Section 36 of Article II of the Oklahoma Constitutio n
152	152	provides the state with the power to legislate for the general
153	153	welfare. This act supports the general welfare by fostering
154	154	innovation, increasing fiscal transparency, and encouraging economic
155	155	growth through the integration of Bitcoin; and
156	156	5. The purpose of this act is to:
157	157	a. establish a framework for the secure use of Bitcoin by
158	158	the State of Oklahoma, private businesses, and
159	159	individual residents,
160	160	b. authorize Bitcoin as an acceptable medium for
161	161	transactions, salaries, and investments, and
162	162	c. ensure compliance with all state and federal legal
163	163	requirements.
164	164	SECTION 2. NEW LAW A new section of law to be codified
165	165	in the Oklahoma Statutes as Section 100a of Title 75A, unless there
166	166	is created a duplication in numbering, reads as follows :
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218	218	A. “Bitcoin” means a specific decentralized digital asset not
219	219	issued by any central authority, limited to twenty -one million
220	220	(21,000,000) units, based on open -source software that uses peer -to-
221	221	peer technology to be sent without intermediaries on the blo ckchain
222	222	protocol, secured by digital asset mining and verified by a network
223	223	of nodes.
224	224	B. “Digital asset” means virtual currency, cryptocurrencies,
225	225	natively electronic assets, including stablecoins and non -fungible
226	226	tokens (NFTs), and other digital -only assets that confer economic,
227	227	proprietary, or access rights or powers.
228	228	C. “Self-hosted wallet” means a digital interface that is used
229	229	to do both of the following:
230	230	1. Secure and transfer digital assets; and
231	231	2. Retain independent control over the secured digi tal assets
232	232	by the owner of the digital asset.
233	233	D. “Governing authority” means any board, commission,
234	234	department, or other agency of the state or any political
235	235	subdivision in this state.
236	236	SECTION 3. NEW LAW A new section of law to be codified
237	237	in the Oklahoma Statutes as Section 105 of Title 75A, unless there
238	238	is created a duplication in numbering, reads as follows:
239	239	Notwithstanding any other provision of law, any firm that deals
240	240	with digital assets and does not accept United States currency
241	241	payments or exchanges digital assets for United States currency
242	242
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293	293	shall not be required to obtain a state money transmitters license
294	294	under Section 1513 of Title 6 of the Oklahoma Statutes .
295	295	SECTION 4. NEW LAW A new section of law t o be codified
296	296	in the Oklahoma Statutes as Section 73.2 of Title 62, unless the re
297	297	is created a duplication in numbering, reads as follows:
298	298	A. Any employee of this state, business, corporation, other
299	299	entity, and resident of this state may negotiate and rece ive payment
300	300	and compensation, including salaries, wages, and other forms of
301	301	compensation, in Bitcoin.
302	302	B. At the creation of a purchase order, any vendor may elect to
303	303	receive payment in the form of Bitcoin pursuant to the provisions of
304	304	subsection A of this section. Such election shall be binding for
305	305	the specific purchase order or t ransaction. Payments shall be
306	306	valued based on the market value of Bitcoin at the time of the
307	307	transaction unless otherwise agreed upon in writing which may be
308	308	kept solely as an electronic record.
309	309	C. Any employee of this state electing to receive payment in
310	310	Bitcoin pursuant to this section shall:
311	311	1. Come to an agreement with this state whether the payment of
312	312	compensation in Bitcoin will be:
313	313	a. based on the market value of Bitcoin at the beginning
314	314	of the pay period, or
315	315	b. based on the market value of Bitcoi n at the time of
316	316	payment;
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368	368	2. Document in writing agreements made pursuant to paragraph 1
369	369	of this subsection, which may be kept electronically, and maintained
370	370	by this state for that pay period;
371	371	3. Be granted the option at the start of each pay period to
372	372	revise his or her election to receive payment in Bitcoin or U.S.
373	373	dollars or some combination thereof. If no adjustment is made, the
374	374	agreement from the previous pay period will ho ld; and
375	375	4. Deposit payments in the self -hosted wallet of the employee
376	376	or to an account designed by the employee, but controlled by a
377	377	third-party, which can safely hold Bitcoin.
378	378	D. The State Treasurer shall put out a request for proposal for
379	379	a firm dealing with digital assets to implement the provisions of
380	380	this act for paying state employees and vendors with Bitcoin. The
381	381	Treasurer shall consider the following factors when determining a
382	382	firm to implement the processing of Bitcoin payments pursuant to the
383	383	provisions of this act:
384	384	1. The fees associated with paying state employees and vendors
385	385	in Bitcoin;
386	386	2. The speed of paying state employees and vendors in Bitcoin;
387	387	3. The cybersecurity protocols of the firm applying;
388	388	4. The ability of the firm to provide custody solutions to
389	389	employees and vendors;
390	390	5. Any license the firm may hold with this state; and
391	391	6. Any other factors the Treasurer deems relevant.
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443	443	E. The Treasurer shall enter into a contract with a firm
444	444	pursuant to the provisions of subsection D of this section no later
445	445	than January 1, 2026.
446	446	F. The State Treasurer may promulg ate rules to effectuate the
447	447	provisions of this act.
448	448	G. The Oklahoma Tax Commission shall issue guidance on the tax
449	449	implications of receiving digital assets as payment no later t han
450	450	January 1, 2026.
451	451	SECTION 5. This act shall become effective November 1, 2025.
452	452
453	453	60-1-1457 QD 12/31/2024 12:23:50 PM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB325 Compare Versions