Oklahoma House Approves Bitcoin Reserve Bill for State Funds

On Monday, the Oklahoma House of Representatives passed House Bill 1203, allowing the authorities to found a strategical Bitcoin reserve by investing successful cryptocurrency arsenic portion of its fiscal reserves and status funds. 

The bill that has been passed by astir Republican legislators allows the concern successful integer assets with the marketplace capitalization of implicit $500 million, which, astatine the moment, is imaginable lone with Bitcoin.

Initially, the connection allowed up to 10% of the state’s funds to beryllium invested successful cryptocurrencies, but it was amended to a 5% cap. State Rep. Cody Maynard, a Republican from Durant, clarified that the bill’s extremity is to guarantee integer plus investments bash not transcend this limit, addressing concerns astir marketplace volatility.

Although the measure was approved with small oregon nary absorption from the Republicans, it was opposed by the House Democrats. State Rep. Andy Fugate had immoderate concerns regarding the lack of a rebalancing proviso but was successful enactment of the bill.

State Rep. Melissa Provenzano wondered if authorities retirees could exclude themselves from investing successful crypto, to which Maynard replied that pensioners would not beryllium capable to debar immoderate benignant of investment.

After the House approval, the measure volition beryllium forwarded to the Oklahoma Senate for its consideration. If adopted, Oklahoma could beryllium among the archetypal states to see Bitcoin and different cryptocurrencies successful its treasury.

Also Read: Sen. Lummis Reintroduces U.S. Strategic Bitcoin Reserve Bill