Oklahoma Introduces Bill To Establish Bitcoin As Strategic Reserve Asset

According to Cointelegraph, a new legislative proposal aimed at establishing Bitcoin as a strategic reserve asset was introduced to the Oklahoma House of Representatives on January 15 by state Representative Cody Maynard. The proposed legislation, known as House Bill 1203 or the Strategic Bitcoin Reserve Act, seeks to permit Oklahoma's pension funds and state savings accounts to allocate a portion of their assets to Bitcoin (BTC) as a measure against inflation. Representative Maynard emphasized the significance of Bitcoin as a decentralized form of money, stating that it cannot be manipulated or created by government entities. He described Bitcoin as the ultimate store of value for those who advocate for financial freedom and sound money principles. This move aligns with a broader trend across several US states, where legislation to establish Bitcoin strategic reserves is pending, and some state pension funds have already diversified into Bitcoin amid its growing mainstream and institutional adoption. In addition to Oklahoma, other states are considering similar measures. Pennsylvania lawmakers submitted a proposal in November 2024, allowing the state Treasury to invest up to 10% of its assets in Bitcoin. State Representative Mike Cabell argued for adopting Bitcoin diversification strategies similar to those used by private sector asset managers like BlackRock and Fidelity, highlighting Bitcoin's potential to protect state purchasing power against inflation and economic instability. Texas has also joined the movement with the Texas Strategic Bitcoin Reserve Act, filed on December 12 by state lawmaker Giovanni Capriglione. This proposal suggests that the Texas comptroller of public accounts should hold Bitcoin as a reserve asset for a minimum of five years. Meanwhile, North Dakota and New Hampshire introduced their Bitcoin strategic reserve bills on January 10. Notably, the New Hampshire bill uses the term 'digital assets,' indicating a potential diversification of crypto holdings beyond Bitcoin. Dennis Porter, co-founder and CEO of the Bitcoin advocacy group Satoshi Action Fund, noted that the North Dakota bill already has 11 co-sponsors.