In a surprising development, Oklahoma has withdrawn from the competitive Bitcoin Reserve Race after the Senate Revenue and Taxation Committee narrowly voted against House Bill 1203 (HB1203).
The proposed legislation aimed to permit the investment of state treasury funds into Bitcoin and other prominent digital assets, but fell short by a single vote, concluding with a 6-5 decision.
State Reserve Race Update:
Oklahoma Reserve Bill HB1203 has FAILED in the Senate Revenue and Taxation Committee, 6-5.
The No votes were:
– Sen. Todd Gollihare [R]
– Sen. Chuck Hall [R]
– Sen. Brent Howard [R]
– Sen. Julia Kirt [D]
– Sen. Mark Mann [D]
– Sen. Dave Rader [R] pic.twitter.com/EadkwOq2xZ
— Bitcoin Laws (@Bitcoin_Laws) April 15, 2025
Designated as the Strategic Bitcoin Reserve Act, HB1203 sought to allow the Oklahoma State Treasurer to invest up to 10% of various state funds into Bitcoin and digital currencies, specifically targeting those with market capitalizations exceeding $500 billion.
Additionally, the bill aimed to incorporate digital asset staking strategies and create opportunities for cryptocurrency investments within state retirement portfolios.
Provisions were included to ensure that any taxes or fees paid in cryptocurrencies, such as Bitcoin, would be converted to U.S. dollars before being deposited into state accounts.
The bill initially gained momentum, successfully passing the House Government Oversight Committee with a 12-2 vote in February. It subsequently secured overwhelming support from the full House, which voted 77-15 in favor on March 24.
However, the initiative faced significant challenges, ultimately collapsing at the Senate committee level on April 14.
The six senators who opposed the measure included Republicans Todd Gollihare, Chuck Hall, Brent Howard, and Dave Rader, along with Democrats Julia Kirt and Mark Mann.
WATCH: Oklahoma Bitcoin Reserve bill FAILS to pass the Senate Revenue and Taxation Committee
Bill sponsor Sen. Brian Guthrie spoke in favor. https://t.co/8KXvEdt4IA pic.twitter.com/SIMDS136H5
— Bitcoin Laws (@Bitcoin_Laws) April 15, 2025
Senator Brian Guthrie, the bill’s sponsor, ardently defended the proposal during discussions. Senator Christi Gillespie revealed that she had changed her vote to support the legislation after being swayed by local constituents mere hours before the vote, but her support was insufficient for the bill’s passage.
Oklahoma’s failure to advance HB1203 marks its official exit from the ongoing competition with other U.S. states seeking to adopt Bitcoin as a strategic reserve asset.
States such as Arizona, New Hampshire, and Texas now stand as the frontrunners, continuing their initiatives related to cryptocurrency reserves.
A Retrospective on Oklahoma’s Bitcoin Ambitions
The downfall of HB1203 sharply contrasts with Oklahoma’s initial aspirations in the realm of cryptocurrency legislation.
The state first attracted attention when State Senator Dusty Deevers introduced the Bitcoin Freedom Act (SB325) on January 9, 2025. This bill aimed to deeply integrate Bitcoin into the state’s financial framework.
SB325 proposed enabling both employees and vendors to conduct transactions in Bitcoin and was celebrated for its vision of a future where Bitcoin could mitigate inflationary impacts on Oklahomans.
Deevers’ rhetoric often drew parallels to former President Donald Trump’s pro-Bitcoin views, resonating with both conservatives and cryptocurrency advocates.
The momentum for this initiative accelerated in May 2024 with the passage of the Bitcoin Rights Bill (HB3594), which sought to protect the use of hardware wallets and self-managed digital assets.
Oklahoma moves closer to Bitcoin adoption with the Strategic Bitcoin Reserve Act approval. #Oklahoma #Bitcoinhttps://t.co/8uMp7IYMrD
— Finance Newso.com (@Finance Newso) February 26, 2025
This legislation included safeguards for crypto mining, whether small-scale or industrial, as long as local regulations were followed.
The Future of State-Level Cryptocurrency Initiatives
The exit of Oklahoma from the Bitcoin Reserve Race highlights a broader trend of increasing interest in cryptocurrency legislation at the state level.
In December 2024, Representative Derek Merrin of Ohio became one of the first state leaders to propose incorporating Bitcoin into state treasury reserves.
This initiative was soon followed by State Senator Sandra O’Brien, who introduced Senate Bill 57 (SB 57) aimed at creating a dedicated “Ohio Bitcoin Reserve Fund” with provisions for holding BTC for a minimum of five years and accepting cryptocurrency payments for taxes and fines.
Meanwhile, in Pennsylvania, Representative Mike Cabell has also proposed allocating up to 10% of the state’s treasury assets to Bitcoin as a buffer against economic challenges.
While several states actively explore their positions in the crypto reserve arena, the federal government remains hesitant to take definitive action.
Despite a growing corporate embrace of Bitcoin and rising public interest, Washington appears cautious about moving forward.
Although Oklahoma’s HB1203 has officially failed, earlier legislative actions suggest that discussions surrounding cryptocurrency are far from finished.
