Oklahoma advances Bitcoin reserve legislation as other states pause

Oklahoma’s effort to found a authorities Bitcoin reserve took a measurement guardant connected Feb. 25 aft the House Government Oversight Committee approved HB 1203, moving it to the afloat House for further debate.

The Strategic Bitcoin Reserve Act, introduced by Rep. Cody Maynard successful January, passed the committee with a 12-2 ballot successful favor.

If enacted, the measure would let the authorities treasurer to put nationalist funds successful Bitcoin and stablecoins, provided they conscionable a $500 cardinal marketplace capitalization threshold implicit the past twelvemonth — a criterion presently met lone by Bitcoin.

Maynard has framed the measure arsenic a hedge against inflation, arguing that Bitcoin offers extortion from monetary policies that erode purchasing power.

The measure proposes allowing the authorities treasurer to allocate portions of pension and savings funds into integer assets, positioning Oklahoma arsenic an aboriginal adopter of Bitcoin reserves astatine the authorities level.

Some States cull Bitcoin bills

While Oklahoma precocious its proposal, respective different states person halted oregon dismissed akin legislation.

Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming person either rejected oregon abandoned Bitcoin reserve bills successful caller weeks.

Opposition has been driven by concerns implicit volatility and payer risk. In Montana, Rep. Steven Kelly voiced concerns astir investing nationalist funds successful crypto. He cautioned that Bitcoin’s terms fluctuations could airs a hazard to authorities funds.

Kelly said:

“It’s inactive payer money, and we request to support it.”

The broader statement implicit Bitcoin’s relation successful nationalist concern has divided lawmakers, with immoderate viewing it arsenic a strategical plus and others seeing it arsenic an unstable investment.

State-level involvement remains

Despite caller setbacks, Bitcoin reserve proposals stay progressive crossed the US. A full of 25 related bills are nether treatment successful 18 authorities legislatures, reflecting the increasing involvement successful Bitcoin arsenic a fiscal hedge.

Supporters reason that integrating Bitcoin into authorities reserves could support against ostentation and economical instability, particularly arsenic nationalist indebtedness levels proceed to climb.

However, critics interest that the precocious volatility terms swings and regulatory uncertainty marque it a risky concern for taxpayer-backed funds.

Oklahoma’s measure volition present spell to the afloat House for statement and imaginable amendments. If passed, it would marque Oklahoma 1 of the archetypal states to formally follow Bitcoin arsenic portion of its fiscal reserves, a determination that remains highly contested crossed the country.

The station Oklahoma advances Bitcoin reserve authorities arsenic different states pause appeared archetypal connected CryptoSlate.