Oklahoma’s Bitcoin Reserve Bill Passes House Committee

Oklahoma’s Strategic Bitcoin Reserve Bill, known as the Strategic Bitcoin Reserve Act, has passed the House Committee, now moving to the House floor. Thepassed the Government Oversight Committee with a 12–2 vote on February 25.

JUST IN:Oklahoma`s Government Oversight Committee passes Strategic Bitcoin Reserve bill, advances to House floor.

The proposal would allow the Oklahoma State Treasurer to invest public funds into any digital asset with a $500-billion market capitalization over the past calendar year. Currently Bitcoin is the only digital asset that meets this standard. 20 US States have officially introduced legislation aimed at establishing cryptocurrency reserves. However, five states: Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming, have either rejected their BTC bills or effectively killed them.

While it is not clear why some states rejected the bills, representatives in Montana shared their thoughts about investing taxpayer dollars into digital assets. Representative Steven Kelly says, “It’s still taxpayer money, and we’re responsible for it, and we need to protect it.” The representative also added that “these types of investments are way too risky.”

This unprecedented state-level crypto investment initiative could still potentially inject $23 billion into the Bitcoin market, reflecting growing cryptocurrency market acceptance and state Bitcoin legislation developments. Further, the United States as a whole isand digital asset stockpile, led by Donald Trump’s new crypto regulation team.

On the House floor, Oklahoma’s strategic Bitcoin reserve bill will either be debated, amended and/or voted upon.