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Oklahoma House Bill 1203, known as the Strategic Bitcoin Reserve Act, passed the House Committee on Feb. 25, moving to the floor.
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Oklahoma House Bill 1203 (HB 1203), known as the Strategic Bitcoin Reserve Act, passed the Government Oversight Committee with a 12-2 vote on Feb. 25, 2025. Now, the bill moves to the House floor, where it will either be debated, amended, and/or voted upon.
HB 1203, introduced by House Representative Cody Maynard, would allow the Oklahoma State Treasurer to invest public funds into any digital asset with a $500 billion market cap over the past calendar year. At the time of this writing, the only digital asset with a market cap that meets that criteria is Bitcoin (BTC). In addition, the State Treasurer would be able to invest in stablecoins.
When he introduced the bill on Jan. 15, 2025, Rep. Maynard said, “Bitcoin represents freedom from bureaucrats printing away our purchasing power. As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.”
Related: Bitcoin strategic reserve bill introduced in Oklahoma
The bill would allow the State Treasurer to invest a portion of the state’s pension plans and savings plans to be invested in said digital assets as a hedge against inflation. According to BitcoinLaws.io, there are 25 bills related to strategic Bitcoin reserves making their way through 18 state governments.
Five States nix BTC reserve bills
Momentum surrounding Bitcoin state reserve bills has slowed in the United States as five states — Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming — have either rejected their BTC bills or effectively killed them.
Related: Utah’s Bitcoin reserve bill heads to second Senate reading
While it is not clear why some states rejected the bills, some representatives in Montana shared their thoughts about investing taxpayer dollars into digital assets. Representative Steven Kelly said: “It’s still taxpayer money, and we’re responsible for it, and we need to protect it,” adding that “these types of investments are way too risky.”
Volatility appears to be a concern for some, as Bitcoin, while having a strong return since its inception, suffers from strong pullbacks — some of them stomach-churning for even crypto natives. Four of the five states that have so far rejected are also solidly Republican states.
Some in the industry have mixed feelings about nation-states creating BTC reserves, as it could contribute to centralization and market manipulation.
Although Bitcoin as a strategic reserve may not have been in Satoshi’s mind when they created the cryptocurrency, some enthusiasts believe it would have been very much in line with their original vision.
Magazine: X Hall of Flame, Benjamin Cowen: Bitcoin dominance will fall in 2025
This article first appeared at Cointelegraph.com News
