Oklahoma’s proposed Strategic Bitcoin Reserve Act (HB1203) has stalled after narrowly failing to pass the Senate Revenue and Taxation Committee in a 6–5 vote. The bill sought to empower the State Treasurer to allocate up to 10% of select state funds—including the State General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund—into Bitcoin and other major digital assets with market capitalizations exceeding $500 billion, such as stablecoins. Under the proposal, these assets would have been securely held by regulated custodians.
In addition to investing in digital assets, the bill also proposed provisions for digital asset staking and the inclusion of cryptocurrency investment options in state retirement portfolios. It further required that any taxes or fees paid in Bitcoin be converted to U.S. dollars before being deposited into the state treasury, ensuring consistency with the state’s accounting practices.
The initiative was first introduced to the Oklahoma House of Representatives on January 15 by Representative Cody Maynard, a vocal supporter of Bitcoin. Maynard championed the bill as a means to protect citizens from inflation and governmental overreach, describing Bitcoin as a decentralized financial tool that aligns with the principles of sound money and financial freedom. He stated:
“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.”
Following its introduction, the bill gained early momentum, passing the Government Oversight Committee with a decisive 12–2 vote on February 25. It then proceeded to clear the full House with a 77–15 vote on March 24, signaling strong support among lawmakers at that stage.
Meanwhile, in contrast to Oklahoma’s legislative outcome, Arizona appears to be making headway in the digital asset space. The state is edging closer to becoming the first in the U.S. to establish a strategic digital asset reserve, as both of its Bitcoin reserve bills have successfully passed the House Rules Committee, signaling growing legislative support for crypto adoption at the state level.
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