Oklahoma’s efforts to set up a Bitcoin reserve of the state took a step forward on 25 February after the Government Oversight Committee house Approved HB 1203Moving to the entire house for further debate.
The Strategic Bitcoin Reserve Act, introduced by Rep. Cody Maynard in January, the committee approved a 12-2 votes.
If determined, the bill would enable the treasurer to invest public funds in Bitcoin and Stablecoins, provided that they meet a threshold of $ 500 billion in the past year in the past year – a criterion that is currently only paid by Bitcoin.
Maynard has framed the bill as a cover against inflation and claims that Bitcoin provides protection against monetary policy that picks up purchasing power.
The bill proposes to allocate the treasurer of the State to digital assets, so that Oklahoma is placed as an early adoptur of Bitcoin reserves at state level.
Some states reject Bitcoin accounts
While Oklahoma has presented his proposal, various other states have stopped or rejected comparable legislation.
Montana, North Dakota, Pennsylvania, South Dakota and Wyoming have rejected or abandoned Bitcoin Reserve Bills in recent weeks.
Opposition is powered by concern about volatility and taxpayer risk. Rep. Steven Kelly concern about investing public funds in Crypto. He warned that Bitcoin’s price fluctuations can pose a risk for state funds.
Kelly said:
“It’s still tax money, and we have to protect it.”
The broader debate about the role of Bitcoin in public finances has split legislators, whereby some consider it a strategic active and others see it as an unstable investment.
Interest remains at state level interest
Despite recent setbacks, Bitcoin Reserve proposals remain active in the US. A total of 25 related accounts are discussed in 18 state laws, which reflects the growing interest in Bitcoin as a financial cover.
Proponents claim that the integration of Bitcoin in state reserves could protect against inflation and economic instability, especially because levels continue to rise.
However, critics are concerned that the high volatility price fluctuations and regulatory uncertainty make it a risky investment for funds with taxpayers.
The Oklahoma account now goes to the entire house for debate and potential changes. If it is successful, the Oklahoma would make one of the first states that formally accepts Bitcoin as part of his financial reserves, a movement that is strongly disputed throughout the country.
