While the race to build Bitcoin reserve funds at the state level is heating up in the U.S., the state of Oklahoma unexpectedly withdrew after a dramatic vote. House Bill 1203 – also known as the “Bitcoin Strategic Reserve Act” – was officially defeated in the Oklahoma Senate Revenue and Taxation Committee by a narrow margin of 6-5.
Notably, Senator Christi Gillespie – who was expected to vote “No” – changed her decision at the last minute after receiving feedback from constituents in the area, indicating that the voice from the Bitcoin community is increasingly gaining weight in the legislature.
However, the effort was still not enough to keep #HB1203 moving forward. The “No” votes came from Republican senators such as Todd Gollihare, Chuck Hall, Brent Howard, and Dave Rader, along with two Democratic senators, Julia Kirt and Mark Mann.
Content of proposal HB1203
Introduced in January 2025 by Representative Cody Maynard, bill HB1203 would allow the state treasurer of Oklahoma to invest in Bitcoin and “qualified” digital assets – specifically those with a market capitalization maintained above $500 billion within a year. Currently, only Bitcoin meets this criterion.
Before being rejected, the bill had previously passed a round of voting in another committee in February with an overwhelming ratio of 12–2, creating high expectations for the Bitcoin-supporting community in this state.
Oklahoma withdraws – Who will lead?
After #Oklahoma withdrew from the race, three other states are emerging as the most promising candidates in the race to establish Bitcoin reserves at the state level: New Hampshire, Texas, and Arizona.
New Hampshire: On April 10, the state House passed bill HB302, allowing a maximum investment of 10% of the state's general budget fund into Bitcoin and precious metals. The bill has been forwarded to the Senate for further consideration.
Texas: On March 6, the state Senate passed bill SB-21 with a ratio of 25–5. This is one of the clearest efforts to establish a Bitcoin reserve fund in one of the largest states in the U.S.
Arizona: On March 24, the House Rules Committee approved two complementary bills, SB1373 and SB1025, proposing to allow the state treasurer to invest public funds in Bitcoin. Both bills are awaiting a vote in the House floor before being sent to Governor Katie Hobbs for final approval.
In addition to the three states mentioned above, Florida is also taking positive steps. On the same day that New Hampshire voted, the Florida House Insurance and Banking Committee unanimously approved bill HB487, paving the way for a maximum investment of 10% of some state agency funds into Bitcoin.
Many other states remain hesitant
In contrast to the positive wave in some states, many others such as Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming have recently rejected similar proposals.
As of now, there have been 47 Bitcoin Strategic Reserve (SBR) bills introduced in 26 states, of which 40 bills are still under consideration in 20 states – indicating that this remains a hot front for crypto policies in the U.S.
Insights for crypto investors
Although Oklahoma has said “no” to proposal #BitcoinReserve , the trend of states considering holding BTC as a strategic asset is becoming a real race in the U.S. With increasingly clear participation from large states like Texas, Florida, or Arizona, the possibility of a state officially approving Bitcoin reserves in the near future is entirely feasible.
This is not only a symbolic step forward but could also open up scenarios for using Bitcoin as a reserve asset similar to gold, especially in the context of increasing concerns about inflation and the devaluation of fiat currency.
Risk warning: The cryptocurrency market always carries high risks and volatility. This article is not investment advice. Investors should carefully consider and take responsibility for their decisions. Crypto is not suitable for everyone.
