Oklahoma’s bid to invest state funds in Bitcoin collapses after a narrow Senate committee vote, halting its momentum in the national crypto reserve movement.
In a dramatic turn of events, Oklahoma has exited the high-stakes Bitcoin Reserve Race following the Senate Revenue and Taxation Committee’s narrow rejection of House Bill 1203 (HB1203).
The bill, which would have authorized the allocation of state treasury funds into Bitcoin and other leading digital assets, failed by a single vote in a 6–5 decision.
HB1203 was proposed as the Strategic Bitcoin Reserve Act. It was designed to allow the Oklahoma State Treasurer to invest up to 10% of various state funds in Bitcoin and digital assets with market capitalizations exceeding $500 billion.
The bill also aimed to integrate digital asset staking strategies and provide options for crypto investments in state retirement portfolios.
Provisions were included to ensure that any taxes or fees paid in crypto, such as Bitcoin, would be converted into U.S. dollars before being deposited into state accounts.
The bill had significant momentum when it passed the House Government Oversight Committee with a 12–2 vote in February. It received overwhelming support from the full House, which passed 77–15 on March 24.
Despite early victories, the bill stumbled at the Senate committee level on April 14.
The six senators who voted against the bill included Republicans Todd Gollihare, Chuck Hall, Brent Howard, and Dave Rader, alongside Democrats Julia Kirt and Mark Mann.
Bill sponsor Senator Brian Guthrie passionately defended the measure. Senator Christi Gillespie revealed that she had changed her position to vote in favor after being persuaded by local constituents just hours before the vote. Nevertheless, it wasn’t enough to push HB1203 through.
With this rejection, Oklahoma officially withdraws from the ongoing race among U.S. states to adopt Bitcoin as a strategic reserve asset.
Arizona, New Hampshire, and Texas remain the front-runners, each pushing forward with their crypto reserve initiatives.
The demise of HB1203 stands in sharp contrast to Oklahoma’s ambitious start in crypto legislation.
The state made early headlines when State Senator Dusty Deevers introduced the Bitcoin Freedom Act (SB325) on January 9, 2025. The bill aims to integrate Bitcoin deeply into the state’s financial infrastructure.
That bill proposed enabling employees and vendors to transact in Bitcoin and was lauded for envisioning a future where Bitcoin could shield Oklahomans from inflationary pressures.
His rhetoric, which often drew comparisons to President Donald Trump’s pro-Bitcoin stance, resonated among conservatives and crypto enthusiasts alike.
This push gained more traction in May 2024 when the state enacted the Bitcoin Rights Bill (HB3594).
The bill prohibited the state from banning or placing undue restrictions on hardware wallets or self-managed digital assets.
It included measures protecting crypto mining activities, whether home-based or industrial, provided they complied with local regulations.
Oklahoma’s exit from the Bitcoin Reserve Race comes amid a broader wave of legislative interest in crypto at the state level.
Representative Derek Merrin became one of the first state leaders in Ohio to propose integrating Bitcoin into treasury reserves in December 2024.
This was followed by the introduction of Senate Bill 57 (SB 57) by State Senator Sandra O’Brien.
This bill seeks to establish an “Ohio Bitcoin Reserve Fund” with a five-year minimum holding period for acquired BTC and provisions for accepting crypto payments for taxes and fines.
Meanwhile, in Pennsylvania, Representative Mike Cabell also proposed allocating up to 10% of the state’s treasury balance sheet to Bitcoin as a safeguard against economic uncertainty.
While states are staking their claims in the crypto reserve movement, the federal government has yet to make a decisive move.
Washington remains cautious despite increasing corporate adoption of Bitcoin and growing public interest.
Looking forward, Oklahoma’s HB1203 may have failed, but its earlier legislative efforts suggest that the conversation around crypto is far from over.
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