Oklahoma’s Strategic Bitcoin Reserve Act Thwarted
In a recent development, Oklahoma’s attempt to establish a Strategic Bitcoin Reserve Act (designated as HB1203) has been thwarted in the Senate Revenue and Taxation Committee, following a closely contested vote of 6 to 5 against the proposal.
Key Provisions of the Legislation
The legislation sought to empower the State Treasurer with the ability to allocate funds from the State General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund into Bitcoin (BTC) as well as other significant digital currencies, including stablecoins, provided these assets had market valuations exceeding $500 billion.
Under the proposed guidelines, investments would be limited to 10% of any fund per account, and the assets were to be managed by regulated custodians.
Additionally, the bill intended to incorporate mechanisms for digital asset staking and proposed the integration of cryptocurrency investment opportunities into state retirement plans. It also established that any taxes or fees settled in BTC must be converted to U.S. dollars before reaching the state’s treasury.
Support and Opposition
Initially proposed by Representative Cody Maynard on January 15, the bill received considerable backing. Maynard championed Bitcoin as a safeguard against government interference and inflation, arguing that it symbolizes liberation from bureaucratic manipulation of the economy. He noted:
“Bitcoin represents freedom from bureaucrats printing away our purchasing power. As a decentralized currency, Bitcoin cannot be crafted or altered by government bodies. It stands as the ultimate asset for proponents of financial autonomy and sound monetary principles.”
The bill made notable progress, first achieving endorsement from the Government Oversight Committee with a 12–2 vote on February 25, followed by passage in the full House with a decisive 77–15 vote on March 24.
However, during the recent Senate committee vote on April 14, the bill encountered bipartisan resistance. Senators Todd Gollihare (R), Chuck Hall (R), Brent Howard (R), Julia Kirt (D), Mark Mann (D), and Dave Rader (R) cast the dissenting votes.
Impact of the Decision
As a result of this committee’s decision, Oklahoma will withdraw from the competitive landscape of Bitcoin reserve initiatives, leaving states such as Arizona, New Hampshire, and Texas in the forefront of cryptocurrency investment strategies at the state level. Originally, the bill was set to be enacted starting November 1 of this year, but following the committee’s refusal to advance it, those plans are now shelved.
