Oklahoma’s effort to establish a state Bitcoin reserve took a step forward on Feb. 25 after the House Government Oversight Committee approved HB 1203, moving it to the full House for further debate.
The Strategic Bitcoin Reserve Act, introduced by Rep. Cody Maynard in January, passed the committee with a 12-2 vote in favor.
If enacted, the bill would allow the state treasurer to invest public funds in Bitcoin and stablecoins, provided they meet a $500 billion market capitalization threshold over the past year — a criterion currently met only by Bitcoin.
Maynard has framed the bill as a hedge against inflation, arguing that Bitcoin offers protection from monetary policies that erode purchasing power.
The bill proposes allowing the state treasurer to allocate portions of pension and savings funds into digital assets, positioning Oklahoma as an early adopter of Bitcoin reserves at the state level.
Some States reject Bitcoin bills
While Oklahoma advanced its proposal, several other states have halted or dismissed similar legislation.
Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming have either rejected or abandoned Bitcoin reserve bills in recent weeks.
Opposition has been driven by concerns over volatility and taxpayer risk. In Montana, Rep. Steven Kelly voiced concerns about investing public funds in crypto. He cautioned that Bitcoin’s price fluctuations could pose a risk to state funds.
Kelly said:
“It’s still taxpayer money, and we need to protect it.”
The broader debate over Bitcoin’s role in public finance has split lawmakers, with some viewing it as a strategic asset and others seeing it as an unstable investment.
State-level interest remains
Despite recent setbacks, Bitcoin reserve proposals remain active across the US. A total of 25 related bills are under discussion in 18 state legislatures, reflecting the growing interest in Bitcoin as a financial hedge.
Supporters argue that integrating Bitcoin into state reserves could protect against inflation and economic instability, especially as national debt levels continue to climb.
However, critics worry that the high volatility price swings and regulatory uncertainty make it a risky investment for taxpayer-backed funds.
Oklahoma’s bill will now go to the full House for debate and potential amendments. If passed, it would make Oklahoma one of the first states to formally adopt Bitcoin as part of its financial reserves, a move that remains highly contested across the country.
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