Oklahoma's Strategic Bitcoin Reserve Act (HB1203) Fails to Advance in the Senate

Oklahoma’s proposed Strategic Bitcoin Reserve Act (HB1203) has failed to advance in the Senate Revenue and Taxation Committee

Oklahoma's proposed Strategic Bitcoin Reserve Act (HB1203) has failed to advance in the Senate Revenue and Taxation Committee, following a close 6–5 vote against the bill.

The bill, which aimed to authorize the State Treasurer to invest funds from the State General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund in Bitcoin (BTC) and other major digital assets (with market caps over $500 billion), including stablecoins, was discussed at length.

The bill's provisions included a cap of 10% of funds per account for digital asset investments and the requirement to hold assets with regulated custodians. It also touched upon using digital asset staking and integrating crypto investment options into state retirement funds.

Taxes or fees paid in BTC in must be converted into dollars before being transferred to the state treasury, according to the bill.

HB1203 was initially introduced to the Oklahoma House of Representatives on Jan. 15 by representative Cody Maynard, who expressed his enthusiasm for BTC as a hedge against government overreach and inflation.

“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.”

The bill then passed the Government Oversight Committee with a 12–2 vote on Feb. 25 and then the full House with a 77–15 vote on March 24.

However, HB1203 faced bipartisan opposition in the latest committee vote. The six “No” votes came from Senators Todd Gollihare (R), Chuck Hall (R), Brent Howard (R), Julia Kirt (D), Mark Mann (D), and Dave Rader (R).

With this vote, Oklahoma exits the Bitcoin Reserve Race, leaving Arizona, New Hampshire, and Texas as the remaining contenders in the state-level adoption of crypto investment strategies. The bill, originally slated to take effect on Nov. 1 this year, will not move forward.