Oklahoma Out Of Strategic Bitcoin Reserve Race After Senate Tax Committee Rejects Bill

Oklahoma’s Senate has voted against the Strategic Bitcoin Reserve (SBR) bill introduced in January, leaving it out of the race to establish crypto-based reserves at the state level in the US.

Oklahoma Exits Bitcoin Reserve Race

On Monday, Oklahoma dropped out of the Strategic Bitcoin (BTC) Reserve race after the Senate Revenue and Taxation Committee rejected the proposed legislation despite a Republican majority.

In January, Oklahoma became the sixth state to introduce a BTC Reserve policy in the US. State House Representative Cody Maynard proposed House Bill 1203 (HB1203), the Strategic BTC Reserve Act, to allow Oklahoma’s state savings accounts and pension funds to invest in digital assets like BTC.

The bill would have allowed the State Treasurer and state retirement funds to hold digital assets through a secure custody solution, managed by a qualified custodian, or invested in exchange-traded products, and mandated that any taxes or fees paid in BTC be transferred to the State General Fund and reimbursed in US currency.

Oklahoma was among the SBR race leaders, tied with Texas as the second most advanced state in the legislative process. By March, the bill had advanced through the legislative process, passing the House’s third reading with a 77 – 15 vote.

However, the Senate’s Tax Committee dismissed the proposal in a 6 – 5 vote, with the two Democratic and four Republican Senators voting no on April 14.

Notably, Senator Christi Gillespie revealed she was voting no until Monday afternoon, but was convinced to vote yes “by a couple of constituents,” Bitcoin Laws reported on X.

The post also noted that “politicians voting on Bitcoin Reserve legislation can be persuaded (…). None of these bills are guaranteed to pass or fail. Bitcoiners (you) can make a difference.”

US States’ Crypto Legalization Continues

Oklahoma became the latest state to dismiss its SBR plans, joining Utah, Montana, South Dakota, North Dakota, Pennsylvania, and Wyoming.

It’s worth noting that another crypto-related legislation remains live in Oklahoma’s Senate. As reported by Bitcoinist, Republican state senator Dusty Deevers introduced a bill in January allowing Oklahoma employees, residents, and businesses to accept BTC payments.

Senate Bill 325 (SB325) aims to allow employees to choose BTC as a payment method and allow vendors to accept BTC for goods and services, offering Oklahomans an opportunity to protect their salaries and investments from inflation.

The bill seeks to “establish a framework for the secure use of Bitcoin by the State of Oklahoma, private businesses, and individual residents,” authorize Bitcoin as an acceptable medium for transactions, salaries, and investments, and ensure participation is “entirely voluntary, respecting the free-market principles.”

Nonetheless, the legislation has not advanced since February, when it was referred to the Technology and Telecommunications Committee.

With no other SBR-related bill in the state, the race continues to be led by Arizona’s SB1025 and SB1373, New Hampshire’s HB302, and Texas’s SB21.