Oklahoma’s attempt to create a state-level Bitcoin reserve has been shot down. The Senate Revenue and Taxation Committee rejected the proposed legislation, ending Oklahoma’s participation in the growing number of states exploring crypto-based reserves.
The Bill’s Journey and Defeat
House Bill 1203, aimed at allowing the state to invest in Bitcoin, initially looked promising. It easily passed the House in March. However, the Senate’s Tax Committee dealt it a blow in April, rejecting it by a narrow 6-5 vote. Interestingly, one Senator changed her vote to “yes” at the last minute after hearing from constituents, highlighting the influence of public opinion on these decisions.
Other States’ Approaches
Oklahoma isn’t alone in exploring crypto legislation. While its Bitcoin reserve bill failed, another bill allowing the use of Bitcoin for payments by state employees and businesses is still under consideration. This bill, Senate Bill 325, aims to make Bitcoin a voluntary payment option, respecting free-market principles. However, it hasn’t progressed much since February.
The Race Continues
Several other states are still in the running to establish Bitcoin reserves. Arizona, New Hampshire, and Texas are currently leading the charge. Oklahoma’s setback leaves them out of the immediate competition, at least for now.
