Oklahoma's Bitcoin Reserve Bill Fails in Senate Tax Committee

Oklahoma has been eliminated from the competition to establish a state-level strategic bitcoin reserve after the Senate Revenue and Taxation Committee rejected the proposed legislation. The bill, introduced in January, aimed to allow the state's savings accounts and pension funds to invest in digital assets like bitcoin. The Strategic Bitcoin Reserve Act, proposed by State House Representative Cody Maynard, would have permitted the State Treasurer and state retirement funds to hold digital assets through secure custody solutions or invest in exchange-traded products. Additionally, any taxes or fees paid in bitcoin would have been transferred to the State General Fund and reimbursed in US currency.

Oklahoma was initially a leader in the Strategic Bitcoin Reserve race, tied with Texas as the second most advanced state in the legislative process. By March, the bill had successfully passed the House’s third reading with a 77-15 vote. However, the Senate’s Tax Committee dismissed the proposal in a 6-5 vote on April 14, with two Democratic and four Republican Senators voting against it. Notably, Senator Christi Gillespie initially intended to vote no but was persuaded to vote yes by constituents.

Oklahoma is not the only state to dismiss its Strategic Bitcoin Reserve plans. Other states, including Utah, Montana, South Dakota, North Dakota, Pennsylvania, and Wyoming, have also abandoned their SBR initiatives. Despite this setback, another crypto-related legislation remains active in Oklahoma’s Senate. Republican state senator Dusty Deevers introduced a bill in January allowing Oklahoma employees, residents, and businesses to accept bitcoin payments. Senate Bill 325 aims to establish a framework for the secure use of bitcoin by the state, private businesses, and individual residents, and to authorize bitcoin as an acceptable medium for transactions, salaries, and investments. The legislation has not advanced since February, when it was referred to the Technology and Telecommunications Committee.

With Oklahoma out of the race, the competition for establishing a state-level strategic bitcoin reserve continues to be led by Arizona’s SB1025 and SB1373, New Hampshire’s HB302, and Texas’s SB21. These states remain at the forefront of the legislative process, aiming to integrate digital assets into their financial systems. The rejection of the Strategic Bitcoin Reserve bill in Oklahoma highlights the ongoing debate and uncertainty surrounding the adoption of cryptocurrencies at the state level. Despite the setback, the push for crypto legalization continues, with various states exploring different approaches to integrate digital assets into their financial frameworks.