Oklahoma Withdraws from the Strategic Bitcoin Reserve Initiative
In a recent turn of events, Oklahoma’s legislative body has decided not to pursue the establishment of a state-level Strategic Bitcoin Reserve (SBR), a move that was initially proposed to integrate cryptocurrency into state financial strategies. This decision marks Oklahoma’s exit from the ongoing race among U.S. states to adopt crypto-based reserves.
Oklahoma Opts Out of the Bitcoin Reserve Competition
Oklahoma’s Senate Revenue and Taxation Committee, despite having a Republican majority, has voted against the Strategic Bitcoin (BTC) Reserve bill. This decision halts the progress of House Bill 1203 (HB1203), introduced by State House Representative Cody Maynard in January, aimed at allowing state savings accounts and pension funds to invest in digital assets like Bitcoin.
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The proposed legislation would have permitted the State Treasurer and retirement funds to secure digital assets through a qualified custodian or invest in exchange-traded products. Additionally, it outlined that any taxes or fees paid in Bitcoin were to be converted to U.S. currency and deposited into the State General Fund.
Oklahoma was a leading contender in the SBR race, trailing only Texas in legislative advancement. By March, the bill had successfully passed the House with a significant 77-15 vote. However, the Senate’s Tax Committee narrowly dismissed it with a 6-5 vote, with bipartisan opposition including two Democratic and four Republican members.
Insights from the Senate Tax Committee Vote
Senator Christi Gillespie, initially against the bill, was swayed to support it after discussions with constituents, as reported by Bitcoin Laws. This incident highlights the potential influence that advocacy can have on legislative outcomes related to Bitcoin reserves. It underscores the message that the fate of such bills is not predetermined and that public persuasion can play a crucial role.
Continued Efforts for Cryptocurrency Legalization in U.S. States
Oklahoma joins a list of states like Utah, Montana, South Dakota, North Dakota, Pennsylvania, and Wyoming that have also shelved their SBR initiatives. Nevertheless, a separate legislative effort persists within Oklahoma’s Senate, spearheaded by Republican state senator Dusty Deevers. This January, Senator Deevers introduced a bill to facilitate Bitcoin transactions for employees, residents, and businesses.
Senate Bill 325 (SB325) proposes allowing employees to receive salaries in Bitcoin and enabling vendors to accept Bitcoin payments for goods and services. The bill aims to shield Oklahomans’ income and investments from inflation while establishing a secure Bitcoin usage framework for the state and its residents. Participation would remain voluntary, aligning with free-market principles.
Despite its introduction, SB325 has yet to advance beyond the Technology and Telecommunications Committee as of February.
States Leading the Charge Towards Bitcoin Reserves
With Oklahoma’s withdrawal, the forefront of the SBR race is now occupied by Arizona with its SB1025 and SB1373 bills, New Hampshire’s HB302, and Texas’s SB21. These states continue to explore the potential of integrating Bitcoin into state financial systems.
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