Crypto
Reading Time: 2 minutes
- The Oklahoma Senate Revenue and Taxation Committee has rejected House Bill 1203, also known as the Strategic Bitcoin Reserve Act, in a narrow 6–5 vote
- Despite passing the House with a 77–15 vote, the bill failed to advance in the Senate, effectively ending Oklahoma’s pursuit of a state-held Bitcoin reserve
- The bill’s rejection places Oklahoma among several states where similar initiatives have stalled, while others continue to explore cryptocurrency integration into public finance
Oklahoma’s attempt to establish a Strategic Bitcoin Reserve has been halted following the Senate Revenue and Taxation Committee’s decision to reject House Bill 1203. The bill, which had previously seen significant support in the House, aimed to allow the state treasurer to invest in Bitcoin and other qualifying digital assets. Its failure reflects the ongoing national debate over the role of cryptocurrencies in state-level financial strategies.
Crypto Bitcoin’s Legislative Journey Ends Abruptly
Introduced in January 2025 by Representative Cody Maynard, House Bill 1203 sought to authorize the Oklahoma State Treasurer to invest portions of state funds into Bitcoin and other digital assets with market capitalizations exceeding $500 billion. The bill included provisions to cap such investments at 10% of the respective funds and required that any taxes or fees paid in Bitcoin be converted to U.S. dollars before being deposited into the state treasury.
The bill’s proponents argued that investing in Bitcoin could serve as a hedge against inflation and government overreach. Representative Maynard emphasized Bitcoin’s decentralized nature, stating that it “cannot be manipulated or created by government entities” and represents “freedom from bureaucrats printing away our purchasing power.”
Crypto Supporters Want To Be “At the Front of the Line”
Despite initial momentum, the bill faced bipartisan opposition in the Senate Revenue and Taxation Committee. The narrow 6–5 vote saw both Republican and Democratic senators voting against the measure. Notably, Senator Christi Gillespie changed her vote to support the bill after hearing from constituents, highlighting the influence of public opinion on legislative decisions.
Senator Brian Guthrie, a supporter of the bill, underscored Bitcoin’s performance over the past decade. Guthrie noted its significant returns and resilience, remarking, “We can be last, or we can be at the front of the line,” suggesting that embracing Bitcoin could position Oklahoma as a leader in financial innovation.
Oklahoma’s decision aligns it with other states like Montana, South Dakota, Wyoming, North Dakota, and Pennsylvania, where similar efforts to establish state-held Bitcoin reserves have either stalled or failed. Conversely, states such as Arizona, New Hampshire, and Texas continue to explore and
