Oklahoma lawmakers have launched Senate Invoice 2064, a proposal that may enable state workers, distributors, companies, and residents to barter and obtain funds in bitcoin.
What the invoice says
The measure states it will not make bitcoin authorized tender, citing Article I, Part 10 of the U.S. Structure.
As an alternative, it frames bitcoin as a “monetary instrument and medium of trade” that can be utilized inside current authorized frameworks.
The invoice additionally defines bitcoin by referencing Satoshi Nakamoto’s white paper).
Paychecks and vendor funds
Below the proposal, state workers may elect to obtain compensation in bitcoin primarily based both available on the market worth at first of a pay interval or on the time of cost.
Staff could be allowed to revise that election at the beginning of every pay interval.
Funds might be deposited to an worker’s “self-hosted pockets,” which the invoice defines as a setup that doesn’t depend on a third-party custodian.
Distributors may additionally select to be paid in bitcoin on the creation of a purchase order order, with the election binding for that particular transaction.
Licensing, contracts, and dates
The invoice would exempt sure corporations from Oklahoma’s cash transmitter licensing requirement in the event that they cope with digital property however don’t settle for U.S. forex funds or trade digital property for U.S. forex.
It directs the State Treasurer to problem a request for proposal for a agency to implement bitcoin funds and to enter right into a contract by January 1, 2027.
The Oklahoma Tax Fee could be required to problem steering on tax implications by the identical date.
The invoice’s efficient date is November 1, 2026.