- Oklahoma’s HB1203 Bitcoin bill fails 6–5 in Senate committee vote.
- Bill allowed 10% state fund allocation to BTC, ETH, and stablecoins.
- State exits Bitcoin reserve race; Arizona, NH, Texas remain active.
Oklahoma’s Strategic Bitcoin Reserve Act has failed in committee, halting the state’s push to invest in digital assets. The narrow vote eliminates Oklahoma from the state-level Bitcoin reserve race, shifting attention to Arizona, New Hampshire, and Texas.
Senate Committee Blocks Oklahoma’s Strategic Bitcoin Reserve Act
According to a post by Bitcoin Laws, HB1203 was rejected in a 6–5 vote by the Senate Revenue and Taxation Committee. Republican Senators Gollihare, Hall, Howard, and Rader joined Democrats Kirt and Mann in voting “No.” The committee’s decision ends the bill’s momentum at Stage 4, formally labeled as Committee 2 in the legislative process.
Bitcoin Laws stated in an update that the bill authorized Oklahoma’s Treasurer to hold Bitcoin, stablecoins, and large-cap digital assets. Assets would have been capped at 10% per account across the General, Stabilization, and Constitutional Reserve funds. The bill’s co-sponsors included eleven Republican lawmakers, led by Cody Maynard and Brian Guthrie.
Reported Structure Included Custody, Staking, and Asset Caps
The reported structure enabled direct or third-party custody of digital assets through regulated custodians or exchange-traded products. The proposal allowed asset exposure to Bitcoin, Ethereum, and other digital assets valued at above $500 billion in market capitalization. Stablecoins approved in the U.S. or recognized foreign jurisdictions were also deemed eligible under strict approval protocols.
Moreover, the bill permitted staking of assets without relinquishing legal ownership, offering yield strategies under strict custody controls. Digital asset holdings were capped at 10% of each state fund to ensure diversified risk-adjusted exposure across portfolios. Taxes and fees paid in Bitcoin would have been converted to U.S. dollars before entry into treasury accounts.
Bill Passed House With Strong Support Before Failing in Senate
The bill advanced through Oklahoma’s House with a 77–15 majority after passing the Oversight Committee with a 12–2 margin in February. Cody Maynard, the bill’s principal sponsor, described Bitcoin as a protection against inflation and unchecked monetary expansion. His public remarks emphasized decentralized monetary control and Bitcoin’s role in safeguarding purchasing power.
However, the Senate vote halted further progress, preventing the bill from reaching Chamber 2 for full Senate debate. All five senators who voted “Yes” were Republicans, reflecting intra-party division on Bitcoin as a treasury asset. With the failure of HB1203, Oklahoma officially drops out of the state Bitcoin reserve competition.
