The HB 1203 bill, known as the “Strategic Bitcoin Reserve Act,” has been approved by the parliamentary committee, moving forward to floor discussions.
On February 25, Oklahoma’s HB 1203 bill, named the “Strategic Bitcoin Reserve Act,” passed the Government Oversight Committee with a 12-2 vote. The bill will now move to the House floor, where it may be debated, amended, and/or voted on.
The HB 1203 proposal, introduced by Representative Cody Maynard, would allow the Oklahoma State Treasurer to invest up to 10% of public funds in digital assets with a market capitalization exceeding $500 billion over the past calendar year. At present, the only asset meeting this criterion is Bitcoin.
When introducing the bill on January 15, Maynard stated:
“Bitcoin represents freedom from bureaucrats who erode our purchasing power through money printing. 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 the principles of financial freedom and sound money.”
The bill would also allow the state treasurer to allocate a portion of state pension and savings plans to such digital assets as a hedge against inflation.
While Oklahoma moves forward with its proposal, Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming have rejected or abandoned similar bills.
