The proposed bill establishes a legal framework for the use of Bitcoin in Oklahoma, allowing state employees, private businesses, and residents to negotiate and receive payments in Bitcoin. It defines key terms such as "Bitcoin," "digital asset," and "self-hosted wallet," and exempts certain firms dealing exclusively with digital assets from the requirement to obtain a state money transmitters license. The bill emphasizes that while Bitcoin is recognized as a financial instrument, it does not establish it as legal tender. The intent is to foster innovation, enhance fiscal transparency, and promote economic growth through the integration of Bitcoin into state financial operations.

Additionally, the bill outlines the procedures for state employees and vendors to elect to receive compensation in Bitcoin, including the valuation of payments based on market rates at the time of transaction. The State Treasurer is tasked with issuing a request for proposals to select a firm to facilitate Bitcoin payments and must enter into a contract by January 1, 2026. The Oklahoma Tax Commission is also required to provide guidance on the tax implications of receiving digital assets as payment by the same date. The act is set to take effect on November 1, 2025.