Oklahoma lawmakers have taken a significant step toward integrating cryptocurrency into the state’s economic landscape by introducing legislation that would allow various entities, including state employees and private businesses, to negotiate and receive payments in bitcoin. Senate Bill 2064, put forth by Senator Dusty Deevers during the 2026 legislative session, aims to establish a legal framework governing bitcoin’s use as a medium for compensation and transactions, while explicitly refraining from designating it as legal tender. This move adheres to the U.S. Constitution, which prohibits states from coining money or declaring legal tender outside of gold and silver.
The proposed bill would enable state employees to opt for receiving their salaries or wages in bitcoin, calculated either at the beginning or at the time of payment based on market value. Employees would have the flexibility to adjust their payment preferences at the start of each pay period, allowing them to choose between bitcoin, U.S. dollars, or a combination of both. Payments could be deposited into a self-hosted wallet controlled by the employee or a designated third-party custodial account.
In addition to facilitating employee compensation, the legislation would permit state vendors to choose to receive bitcoin payments on a per-transaction basis, determining the bitcoin value based on market prices at the time of the transaction unless other agreements are made. This broad authorization extends to private businesses and individuals in Oklahoma, reinforcing the currency’s potential as a voluntary medium of exchange in the state’s economy.
Key provisions in SB 2064 are aimed at minimizing regulatory friction for businesses that primarily deal in digital assets. Firms that exclusively engage with cryptocurrencies without exchanging them for U.S. dollars would be exempt from Oklahoma’s money transmitter licensing requirements. Moreover, the bill mandates the Oklahoma State Treasurer to solicit proposals from digital asset firms to process bitcoin payments for state employees and vendors. The Treasurer is required to evaluate potential providers based on factors such as fees, transaction speed, cybersecurity measures, and applicable state licenses. A contract with a selected provider must be finalized by January 1, 2027, and the Treasurer is empowered to establish rules to implement the program.
This legislation follows a similar initiative introduced by Senator Deevers in January 2025, known as the Bitcoin Freedom Act (SB 325). That earlier bill sought to create a legal framework for voluntary transactions involving bitcoin within the state. Oklahoma’s endeavors to adopt bitcoin resonate with trends seen in other states like New Hampshire and Texas. New Hampshire’s recent passing of the Strategic Bitcoin Reserve law allows the state to manage a portion of its funds in digital assets and even approve bitcoin-backed municipal bonds. Texas has similarly established its own Strategic Bitcoin Reserve and made significant investments in bitcoin, aiming to modernize state finances while hedging against economic volatility.
Should SB 2064 pass, it is set to go into effect on November 1, 2026. This would position Oklahoma among a select group of states actively exploring the direct integration of bitcoin into governmental payment systems. Additionally, the Oklahoma Tax Commission would need to provide guidance on the tax treatment of digital assets received as payment by January 1, 2027, addressing longstanding uncertainties for both employees and employers regarding cryptocurrency taxation.
