Oklahoma exits Bitcoin Reserve Race after taxation committee rejects HB1203 in 6–5 vote

The Oklahoma Bitcoin reserve law law reserve (HB1203) has not progressed within the senatorial income and tax committee, following a close vote of 6 to 5 against the bill.

The bill aimed to authorize the state treasurer to invest in the funds of the general state fund, the income stabilization fund and the constitutional reserve fund in Bitcoin (BTC) and other major digital assets (with stock market capitalizations of more than $ 500 billion), including stablecoins. Investments would have been capped at 10% of funds per account, and assets would be held with regulated goalkeepers.

The bill also included provisions for the use of the implementation of digital assets and the integration of cryptographic investment options in state pension funds. He said that taxes or costs paid in BTC must be converted to dollars before being transferred to the Treasury of the State.

The bill was initially presented In the Oklahoma House of Representatives on January 15 by the representative Cody Maynard, who expressed strong support for the BTC as coverage against government and inflation. declaring::

“Bitcoin represents the absence of bureaucrats who print our purchasing power. As a form of decentralized money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate value store for those who believe in financial freedom and money principles. ”

The bill then pass The government’s supervisory committee with a vote of 12 to 2 on February 25, then the House full with a vote of 77 to 15 years on March 24.

However, HB1203 faced a bipartite opposition during the committee’s last vote on April 14. The six “no” votes came from Senators Todd Gollihare (R), Chuck Hall (R), Brent Howard (R), Julia Kirt (D), Mark Mann (D) and Dave Rader (R).

With this vote, Oklahoma leaves the Bitcoin reserve race, leaving Arizona, New HampshireAnd Texas as the main contenders for adoption at the state of cryptographic investment strategies. The bill, initially planned to take effect on November 1 of this year, will not go ahead.