Oklahoma Advances Bitcoin Reserve Bill Despite National Slowdown

Oklahoma's House Bill 1203, known as the Strategic Bitcoin Reserve Act, has cleared a significant hurdle by passing the Government Oversight Committee with a 12-2 vote. The bill, introduced by House Representative Cody Maynard, aims to allow the Oklahoma State Treasurer to invest public funds into digital assets with a market cap of at least $500 billion over the past calendar year, currently limited to Bitcoin (BTC) and stablecoins. The bill's primary goal is to hedge against inflation by investing a portion of the state's pension plans and savings plans in these digital assets.

Rep. Maynard introduced the bill on Jan. 15, 2025, stating that "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."

However, the momentum surrounding Bitcoin state reserve bills has slowed in the United States. Five states—Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming—have either rejected their BTC bills or effectively killed them. While the reasons for rejection are not entirely clear, some representatives in Montana, such as Steven Kelly, have expressed concerns about the risks associated with investing taxpayer dollars in digital assets.

Volatility appears to be a concern for some states, as Bitcoin, despite its strong returns since inception, has experienced significant pullbacks. Four of the five states that have rejected the bills are solidly Republican states. Some industry insiders have mixed feelings about nation-states creating BTC reserves, as it could contribute to centralization and market manipulation, despite the potential alignment with Satoshi's original vision for Bitcoin.