Bitcoin reserve bill clears Oklahoma State House vote despite Bitcoin price downturn

A proposal for a Strategic Bitcoin Reserve is moving forward to a full vote in the Oklahoma State House, following its approval by the committee despite Bitcoin's recent fall below the $90,000 mark.

As per a state document, the Strategic Bitcoin Reserve bill has been recommended for approval by the Oklahoma State House Committee with a majority vote of 12 to 2. The bill, which will now proceed to the full voting stage in the House of Representatives, is known as House Bill 1203.

House Bill 1203 would permit the state treasury to invest 10% of its public funds into Bitcoin (BTC) or other digital assets with a market value exceeding $500 billion. This development was also shared by Dennis Porter, founder and CEO of the Satoshi Act Fund, on his X account.

"CodyMaynard15 deserves recognition for leading the SBR bill," Porter acknowledged, crediting Rep. Cody Maynard, the official who introduced HB 1203.

Although the bill is progressing towards the adoption of BTC reserve bills in U.S. states, the cryptocurrency's value recently experienced a drop, causing a crash in the crypto market. On Feb. 25, Bitcoin fell below $90,000, breaking its bearish pattern with a 6.78% decrease. This marks the first time since November 2024 that BTC has dropped below the $90,000 mark.

At the time of writing, BTC has slightly increased by 1.15% but has not yet managed to recover to the $90,000 level. BTC is currently being traded at $89,236, according to data from crypto.news.

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Oklahoma has joined the ranks of U.S. states advancing their Strategic Bitcoin Reserve Bills. According to the Bitcoin Reserve Monitor, at least 25 U.S. states have introduced Bitcoin strategic reserve bills.

Each state is at varying stages of legislation approval, with 18 state legislations still awaiting a decision, two under consideration, and five proposals have been turned down.

The "strategic BTC Reserve" bill was first introduced in Oklahoma's House of Representatives on Jan. 16. However, HB 1203 is not the only Bitcoin-related legislation that has been proposed in Oklahoma. Prior to this, on Jan. 9, Oklahoma State Senator Dusty Deevers introduced the "Bitcoin Freedom Act" or SB 325. The bill would enable Oklahoma workers to receive their wages in BTC and allow firms to accept BTC payments from clients.

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