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Oklahoma has become the latest American state to officially dismiss schemes to establish a strategic bitcoin reserve.
According to data from Oklahoma State Legislature, House Bill 1203 (HB1203) failed to pursue the Senate Revenue and Taxation Committee after a close. 6-5 votes During Monday session against it.
This decision effectively eliminates the state legislative efforts as part of its public fund investment strategy, currently there is no other bill under review of proposing such measures.
The HB1203, also known as the Strategic Bitcoin Reserve Act, was introduced by the representative Kodi Manard in January.
Bill, like Many are currently subject to reviews In the United States, the state treasurer allowed to invest 10% of funds from major state accounts, including General Fund, Revenue Stabilization Fund and Constitutional Reserve Fund, Bitcoin, Stabelcoin and other digital assets more than $ 500 billion with market caps.
Manard’s Bill demanded a place to place bitcoin as a rescue against inflation and political intervention. According to him, bitcoin represents a form of financial sovereignty. He said at that time:
Bitcoin represents freedom from bureaucrats printing our purchasing power. As a decentralized form of money, bitcoin cannot be manipulated by government institutions or not. It is the last store of value for those who believe in financial freedom and sound money principles.
The bill also included provisions for staying digital assets and even offering crypto options within the state retirement portfolio.
Despite cleaning the initial obstacles including 77–15 votes and 12-2 committee votes at Oklahoma House, the bill faced pushbacks in the Senate.
MPs from both sides voiced concerns, eventually leading to its rejection. Along with Democrats Julia Kirti and Mark Mann, six “no” votes were Republican Tod Golihare, Chak Hall, Brent Howard and Dave Radar.
This development follows closely Return of Utah Last month itself from a similar initiative. Utah proposed a more conservative approach through the House Bill 230, which initially allowed the state to invest 5% selected funds in bitcoin and other top-level cryptocurrency.
However, during the final discussion in early March, MPs completely removed Bitcoin Reserve Claus. The revised bill was later passed without crypto provision, Senator Kirk A after concerns about the risks of early adoption. Was raised by sponsors like Kulimore.
As of 16 April, five other state-monkeys, North Dakota, Pennsylvania, South Dakota and Vyaming have also rejected legislative efforts to establish a state-level bitcoin reserve.
More states propose bitcoin reserve
Earlier this month, New Hampshire became Latest state To proceed with bitcoin reserve plans. On 10 April, MPs passed the House Bill 302 in a 192–179 vote, making it the fourth American state to carry forward the bill related to bitcoin reserve through a Legislative Chamber.
Meanwhile, Arizona is at the forefront of the bitcoin reserve race. Its two bills, SB1373 and SB1025, passed the House Rules Committee in March.
Somewhere else, Texas is actively pursuing the construction of a state-managed bitcoin reserve. The Senate Bill 21, known as the Texas Strategic Bitcoin Reserve and Investment Act, has proposed to set up a special fund outside the state treasury dedicated to keep bitcoin as financial assets.
According to the bitcoin law tracker bitcoin laws, 40 strategic bitcoin reserve bills are live in 20 American states.