Oklahoma’s Government Oversight Committee has given a green light to the Strategic Bitcoin Reserve Act, advancing it to the House floor for further deliberation. This development marks a crucial step in the state’s journey to potentially integrate Bitcoin into its financial reserves.
The bill, known as HB 1203, was introduced by Representative Cody Maynard and passed the committee with a decisive 12-2 vote. If enacted, it would empower the Oklahoma State Treasurer to invest a portion of public funds in Bitcoin and stablecoins, provided they meet a market capitalization threshold of $500 billion over the past year—a criterion currently met only by Bitcoin.
This move positions Oklahoma as a frontrunner in state-level Bitcoin adoption, with proponents arguing that such investments could serve as a hedge against inflation and economic instability. However, the bill’s progress comes amidst a backdrop of volatility in the cryptocurrency market, with Bitcoin recently experiencing a significant price drop.
As Oklahoma moves forward, other states have been more cautious. Montana recently rejected a similar bill due to concerns over the risks associated with investing taxpayer money in cryptocurrencies. Despite these setbacks, interest in Bitcoin reserve proposals remains strong across the U.S., with at least 25 related bills under consideration in 18 state legislatures.
