Oklahoma’s pursuit of becoming one of the first states in the U.S. to create a Bitcoin reserve has come to an unexpected halt.
In a narrowly contested 6-5 decision on Monday, the Senate Revenue and Taxation Committee voted down House Bill 1203, known as the Strategic Bitcoin Reserve Act, despite a late surge of support and a surprising change of vote from Sen. Christi Gillespie.
Gillespie, originally intending to vote against the bill “until this afternoon,” altered her decision after hearing from “a couple of constituents.”
“A lawmaker switched their ‘No’ vote to a ‘Yes’ after being contacted by their Bitcoiner constituents!” tweeted Dennis Porter, CEO and co-founder of Satoshi Action Fund, encouraging advocates for the Bitcoin reserve to continue voicing their opinions to legislators. “Your voice can make a difference!”
Nevertheless, the initiative failed to gain traction in Oklahoma. The defeat was led by Republican Senators Todd Gollihare, Chuck Hall, Brent Howard, and Dave Rader, alongside Democrats Julia Kirt and Mark Mann.
Initially proposed by Rep. Cody Maynard in January, HB1203 aimed to empower Oklahoma’s state treasurer to invest in Bitcoin and other eligible digital assets, classified as those with a market capitalization exceeding $500 billion over the previous year. Currently, only Bitcoin fulfills this requirement.
A previous committee had approved the bill in February with a resounding 12-2 vote, paving the way for Monday’s critical vote.
State Bitcoin reserve initiatives
With Oklahoma stepping back, New Hampshire, Texas, and Arizona are now the prime candidates in the race to be the first U.S. state to implement a strategic Bitcoin reserve.
This also represents another setback for similar legislative efforts, following recent rejections in Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming.
On April 10, New Hampshire’s House advanced HB302, a bill allowing up to 10% of the state’s general fund to be invested in Bitcoin and precious metals. The bill passed with a 192-179 vote and is headed to the Senate for further evaluation.
On the same day, Florida’s House Insurance and Banking Committee voted unanimously in favor of HB487, which permits up to 10% of specific state funds to be allocated to Bitcoin investments.
Arizona continues to lead in legislative progress, having seen on March 24 the House Rules Committee approve two complementary bills, SB1373 and SB1025, aimed at enabling the Arizona State Treasurer to invest public funds in Bitcoin.
These bills are now pending a full House vote, and if successful, will be sent to Governor Katie Hobbs for final approval.
On March 6, the Texas Senate passed SB-21, a bill proposing a Bitcoin strategic reserve, with a 25-5 vote after a vigorous debate on the Senate floor.
At present, 47 State Bitcoin Reserve (SBR) bills have been introduced across 26 states, with 40 active bills still in play across 20 states, according to data from the reserve tracker maintained by Bitcoin Laws.
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