The Oklahoma House of Representatives passes a Bitcoin reserve bill by a majority of 77 votes to 15 votes
The Oklahoma House of Representatives has approved the Strategic Bitcoin Reserve Act by a majority of 77 votes to 15 votes.
The bill supports allocating up to 10% of public funds to Bitcoin or any other digital assets.
The Oklahoma House of Representatives voted by a majority of 77 votes to 15 in favor of Bill No. 1203, also known as the Strategic Bitcoin Reserve Act. This law allows the state to invest no more than 10% of public assets in Bitcoin or other cryptocurrencies that have exceeded a market cap of $500 billion during the past year.
Purpose and Provisions of Oklahoma Bill No. 1203
Representative Cody Maynard introduced Bill No. 1203 on January 15, 2025, aiming to diversify the financial portfolio of the state of Oklahoma by incorporating digital assets into the state's reserves.
The bill grants the state treasurer the authority to invest funds in various state accounts, such as the general fund, revenue stabilization fund, and constitutional reserve fund, in authorized digital assets.
This strategic move aims to hedge against inflation and enhance the financial stability of the state.
