Oklahoma’s Strategic Bitcoin Reserve Bill has taken a significant step forward in the legislative process, as it has passed the House Committee and is now set to be debated on the House floor. The bill, officially known as the Strategic Bitcoin Reserve Act, received a 12-2 vote in favor from the Government Oversight Committee on February 25th, marking a key milestone in its journey towards becoming law.
The proposed legislation would authorize the Oklahoma State Treasurer to invest public funds into digital assets, specifically targeting those with a market capitalization of over $500 billion in the past calendar year. At present, Bitcoin is the only digital asset that meets this criteria, making it the primary focus of the bill.
This move by Oklahoma is part of a larger trend among US states, with 20 states having introduced legislation aimed at establishing cryptocurrency reserves. However, not all states have been as receptive to the idea, with Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming either rejecting or effectively killing similar bills in their respective legislatures.
Representatives in Montana have expressed concerns about the risks associated with investing taxpayer dollars into digital assets. Representative Steven Kelly emphasized the need to protect taxpayer money, stating that such investments are “way too risky” in his view.
Despite some states’ reservations, the potential impact of Oklahoma’s strategic Bitcoin reserve bill is significant. If implemented, it could inject an estimated $23 billion into the Bitcoin market, reflecting a growing acceptance of cryptocurrencies and the evolving landscape of state-level legislation on the matter.
The United States as a whole is also considering the establishment of a strategic Bitcoin reserve and digital asset stockpile, with President Donald Trump’s new crypto regulation team leading the charge. The outcome of the debate on the House floor in Oklahoma will determine the next steps for the bill, whether it be further discussion, amendments, or a final vote.
Overall, Oklahoma’s Bitcoin Reserve Bill passing the House Committee represents a notable development in the intersection of cryptocurrency and government policy, highlighting the increasing relevance of digital assets in the financial landscape.