- The Oklahoma House passed the Strategic Bitcoin Reserve Act in a 77-15 vote.
- The bill supports allocating up to 10% of public funds to Bitcoin or any digital assets.
The Oklahoma House of Representatives has voted 77-15 in favor of House Bill 1203, also referred to as the Strategic Bitcoin Reserve Act. The bill allows the state to invest a maximum of 10% of public assets in Bitcoin or other digital currencies that have held a market capitalization of over $500 billion over the last calendar year.
Purpose and Provisions of Oklahoma HB1203
Introduced by Representative Cody Maynard on January 15, 2025, HB1203 aims to diversify Oklahoma’s financial portfolio by integrating digital assets into state reserves.
The bill gives the state treasurer the authority to invest funds in different accounts of the state, such as the general fund, revenue stabilization fund, and constitutional reserve fund, into authorized digital assets.
This strategic move is intended to hedge against inflation and enhance the state’s financial stability.
Significantly, the passage of this bill makes Oklahoma part of an increasingly large cohort of states considering the addition of Bitcoin to their financial plans. In November 2024, the Pennsylvania House of Representatives introduced a bill to invest up to 10% of major state funds.
In December 2024, Texas legislator Giovanni Capriglione introduced a bill to create a Bitcoin reserve for the state. Further, representative Derek Merrin proposed the Ohio Bitcoin Reserve Act to create a separate Bitcoin fund within the state treasury.
New Hampshire legislation has been proposed to allow the state treasurer to invest in digital assets and engage in practices like lending or staking to generate additional returns.
The Wyoming state senators presented legislation that would allow the State Treasury to invest as much as 3% of specific state funds in Bitcoin with safe custody options.
National and Political Context
The state reserve of Bitcoin is part of broader national discourse on adopting digital assets. President-elect Donald Trump and Senator Cynthia Lummis have proposed that the U.S. government set aside Bitcoin as a reserve asset.
Trump’s plan involves retaining 198,000 seized bitcoins, while Lummis suggests the Treasury purchase one million bitcoins, potentially linking the funding to the revaluation of the gold reserve.
Although supporters hold the view that investment in Bitcoin can be an inflation hedge as well as protection against economic volatility, critics mention the asset’s volatility and its speculative nature.
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