Oklahoma lawmaker introduces legislation to establish strategic Bitcoin reserve

Representative Cody Maynard introduced House Bill 1203 to instrumentality a Bitcoin (BTC) Strategic Reserve of up to $850 cardinal successful Oklahoma. The authorities is the sixth to person specified a connection successful the US.

The authorities would let the Oklahoma State Treasurer to allocate funds from the State General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund into Bitcoin, integer assets with marketplace capitalizations exceeding $500 billion, and stablecoins.

Notably, investments successful these assets would beryllium capped astatine 10% of the full worth of the respective funds. According to its fiscal twelvemonth report, Oklahoma had collected $8.5 cardinal arsenic of Aug. 7, 2024.

The marketplace headdress regulation presently allows concern lone successful Bitcoin. Ethereum (ETH) is the closest to gathering the request too BTC, but its terms should scope $4,150 astatine the existent circulating proviso of 120,5 cardinal ETH.

If passed, the authorities volition instrumentality effect connected Nov. 1, 2025. 

Custody and different requirements

Digital assets acquired nether the enactment indispensable beryllium securely stored utilizing precocious custody solutions, including geographically diversified information centers and strict multi-party governance protocols.  

The measure besides allows for staking, a blockchain mechanics to validate transactions provided the authorities retains ownership of the staked assets.

Regarding stablecoins, the concern successful these tokens is permitted if they person received regulatory support from entities successful the US, the UK, Japan, oregon the EU.

Additionally, the measure stipulates that taxes and fees paid successful Bitcoin indispensable beryllium deposited into the State General Fund, which would past reimburse designated accounts successful US dollars.  

The enactment besides allows authorities status funds to put successful integer assets straight done unafraid custody solutions with qualified custodians oregon regulated exchange-traded products (ETP).

Growing trend

Eight US states are pushing for a Bitcoin Strategic Reserve, with six having formally introduced authorities arsenic of Jan. 15.

Representative Mike Cabell introduced plans for specified a reserve successful Pennsylvania connected Nov. 14, 2024. Less than 1 period later, Representative Giovanni Capriglione proposed similar authorities successful Texas.

Ohio became the 3rd authorities to articulation the movement, arsenic lawmaker Derek Merrin introduced a bill proposing Bitcoin adoption astatine the authorities level connected Dec. 17, 2024.

New Hampshire and North Dakota followed suit past week, with lawmakers introducing authorities for a Bitcoin reserve successful some states.

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, is aiding the legislative efforts successful the assorted US states. He highlighted that the six states correspond fractional his extremity of 12 states initiating BTC reserve bills successful the archetypal quarter.

Meanwhile, Alabama’s State Auditor Andrew Sorrell recently called connected the authorities to see adding Bitcoin to its treasury to hedge against inflation, portion Florida’s Chief Financial Officer Jimmy Patronis advocated for the aforesaid decision.

The station Oklahoma lawmaker introduces authorities to found strategical Bitcoin reserve appeared archetypal connected CryptoSlate.