State Pushes for Crypto in Financial Reserves
The Oklahoma House of Representatives has approved House Bill 1203, paving the way for Bitcoin to become part of the state’s financial reserves and retirement funds. The bill, passed primarily by Republican lawmakers, now moves to the Senate for further consideration.
Bitcoin Reserve Cap Lowered to 5%
Initially, the bill proposed allowing up to 10% of state funds to be invested in cryptocurrencies. However, an amendment reduced this cap to 5% to mitigate market volatility risks.
State Rep. Cody Maynard (R-Durant) explained:
“This ensures digital asset investments remain controlled while still allowing Oklahoma to benefit from Bitcoin’s long-term potential.”
Who Opposed the Bill?
While the bill saw strong Republican support, House Democrats raised concerns.
- Rep. Andy Fugate questioned the absence of a rebalancing provision but ultimately supported the measure.
- Rep. Melissa Provenzano asked if retirees could opt out of crypto-based pension investments. Maynard clarified that pensioners cannot exclude any specific investment under existing policies.
Oklahoma Moves Closer to Bitcoin Adoption
Under the bill, the state can only invest in digital assets with a market cap exceeding $500 million—a condition that, for now, exclusively applies to Bitcoin Reserve.
If the Senate approves the bill, Oklahoma could become one of the first states to integrate Bitcoin into its treasury reserves, setting a potential precedent for others to follow.
Will this trend of Bitcoin Reserve grow or will it stop?
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