Oklahoma Exits the Race to Establish a Strategic Bitcoin Reserve (SBR) After Key Bill Fails

Oklahoma has officially exited the race to establish a Strategic Bitcoin Reserve (SBR) after a key bill failed to advance in the State Senate.

Oklahoma has officially exited the race to establish a Strategic Bitcoin (BTC) Reserve (SBR) after a key bill failed to advance in the State Senate.

On April 15, the Oklahoma Senate Revenue and Taxation Committee voted 6-5 to strike down House Bill 1203, also known as the Strategic Bitcoin Reserve Act.

One of the key developments ahead of the vote was Senator Christi Gillespie’s change of heart. She initially planned to vote against the bill but later switched to a “yes” after hearing from constituents, according to a report by Benzinga.

However, despite Gillespie’s reversal, which was highlighted by Statehouse News, the vote went against the bill.

Earlier momentum in the state’s House of Representatives

The bill’s failure comes after it encountered earlier momentum in the state’s House of Representatives, where it passed with a decisive 77-15 vote on March 22.

The proposal, which was introduced by Rep. Kevin McCalister and co-authored by 56 other members of the lower chamber, aimed to authorize the state treasurer to allocate public funds to Bitcoin and select stablecoins.

However, according to data from CryptoSlate, only Bitcoin currently meets the bill’s requirement of a $500 billion market capitalization, with its valuation sitting at approximately $1.6 trillion.

At the time of the House vote, Oklahoma was one of seven US states actively considering legislation for BTC reserves. It now joins Montana, South Dakota, Wyoming, North Dakota, and Pennsylvania, where similar efforts have either stalled or failed.

Bitcoin reserve momentum continues in other states

Meanwhile, 21 other states are still actively pursuing the establishment of Bitcoin reserves, with some state legislatures having multiple bills on the agenda.

According to Bitcoin data and legislation tracker Bitcoin Laws, Arizona, New Hampshire, and Texas are currently in the lead with the highest number of active bills.

As of April 14, the US has a total of 117 pro-Bitcoin bills in various stages of consideration. Of these, 47 are directly tied to Strategic Bitcoin Reserve initiatives across the 26 states.

Discussions about federal-level Bitcoin funding

At the federal level, discussions about funding options for the government’s planned Bitcoin reserve are also heating up.

Recently, Bo Hines, Executive Director of the Presidential Council of Advisers on Digital Assets, confirmed that the administration is exploring avenues to fund the Bitcoin reserve without impacting the government’s budget or requiring additional taxpayer dollars.

In an interview with Blockworks, Hines revealed that the council is examining several revenue sources, including tariff revenue and revaluing gold-backed Treasury certificates to support a Bitcoin reserve.

Moreover, he mentioned that they are considering diverse funding models to support the council’s broader mandate, which encompasses advising on crypto policy, talent acquisition for Web3, and coordinating government efforts in the digital asset space.