Oklahoma State Lawmaker Introduces Bill Establishing Strategic Bitcoin Reserve
Representative Cody Maynard introduced House Bill 1203 to implement a Bitcoin (BTC) strategic reserve of up to $850 million in Oklahoma. The state is the sixth in the country to receive such an offer.
The bill allows the Oklahoma State Treasurer to allocate funds from the state’s General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund to Bitcoin, digital assets with a market capitalization exceeding $500 billion, and stablecoins.
In particular, investments in these assets are limited to 10% of the total value of the fund. According to it fiscal year reportOklahoma had raised $8.5 billion as of August 7, 2024.
Currently, investment is only allowed in Bitcoin due to market cap restrictions. Ethereum (ETH) is closest to meeting the requirement besides BTC, but with a current circulating supply of 120.5 million ETH, its price would need to reach $4,150.
If passed, the bill will take effect on November 1, 2025.
Custody and other requirements
Digital assets acquired under this law must be stored securely using advanced custody solutions, including geographically diverse data centers and rigorous multi-party governance protocols.
The bill also allows for staking, a blockchain mechanism that verifies transactions if the state retains ownership of the staked assets.
Investments in these tokens are permitted if regulatory approval has been received from authorities in the US, UK, Japan or EU in relation to stablecoins.
Additionally, the bill would require taxes and fees paid in Bitcoin to be deposited into the state’s general fund, which would then be reimbursed in U.S. dollars to a designated account.
The bill also allows state retirement funds to invest in digital assets directly through a qualified custodian or a safe custody solution with a regulated exchange traded product (ETP).
growth trend
Eight states in the U.S. are pursuing Bitcoin strategic reserves, and as of January 15, six states have officially introduced legislation.
CEO Mike Cavell introduction Such a reserve is planned for Pennsylvania on November 14, 2024. Less than a month later, Representative Giovanni Capriglione Similar Offer Texas bill.
Ohio became the third state to join the movement with Rep. Derek Merrin. submitted a bill Proposes state-level Bitcoin adoption on December 17, 2024.
new hampshire and north dakota This followed last week, when lawmakers introduced bills to address Bitcoin reserves in both states.
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, helps with legislative efforts in several U.S. states. that highlighted The six states represent half of his goal of having preliminary BTC bills introduced in 12 states in the first quarter.
Meanwhile, Alabama State Auditor Andrew Sorrell said: Recently called Florida Chief Financial Officer Jimmy Patronis said he was considering adding Bitcoin to the Treasury to hedge against inflation. defend For the same decision.
