Oklahoma’s Bitcoin Reserve Bill Gains Momentum with Key House Approval

• Oklahoma’s HB 1203, the Strategic Bitcoin Reserve Act, passed the House committee with a 12-2 vote and moves to the full House.
• The bill could allow the state to allocate part of its public funds into Bitcoin and other digital assets exceeding a $500 billion market cap.
• Supporters see Bitcoin as a hedge against inflation, while critics question its volatility and regulatory uncertainties in public fund investments.

Oklahoma’s Strategic Bitcoin Reserve Act (HB 1203) has advanced past the House Government Oversight Committee with a 12-2 vote and will now proceed to a full House floor vote. If enacted, the bill would integrate Bitcoin into the state’s financial planning.

Legislative Progress and Committee Approval

The bill, sponsored by Representative Cody Maynard and Senator Frix, received support from 12 committee members, with 2 opposing votes. Representative Hays was added as a coauthor. The committee has issued a “DO PASS” recommendation, signaling strong legislative backing.

A recent tweet from Cointelegraph reports that the bill could allow Oklahoma to allocate 10% of public funds into Bitcoin or other digital assets exceeding a $500 billion market cap. While the bill does not explicitly mention these figures, multiple states, including Arizona and Utah, are exploring similar digital asset reserves.

State Investment Strategy and Potential Benefits

HB 1203 seeks to create a Bitcoin reserve owned by the state, which may involve savings accounts and pension funds. The reasoning is that Bitcoin is a valuable asset for stability due to its decentralized system and its supply is capped. Oklahoma can increase its financial stability by diversifying in digital assets.

Its supporters argue it can make Oklahoma a blockchain leadership destination, attracting crypto-related businesses and investment. The move is in sync with other states, for example, Texas and Pennsylvania, which consider Bitcoin reserves.

Challenges and Next Steps

Its volatility, regulatory uncertainty, and security risk have been criticized. Critics argue public funds should not be left in market hands without firm protections.

The bill will proceed for a vote on the House floor. If it is approved, it proceeds to the Senate before it can reach the Governor for signature. If it is signed, Oklahoma can potentially be among the first states in which Bitcoin is part of its monetary policy, setting a precedent for other states thinking about such a policy.