- The Oklahoma Strategic Bitcoin Reserve Act has failed to pass a vote in the Senate Revenue and Taxation Committee.
- Despite gaining momentum approaching the vote, the proposal narrowly lost 6-5 in a close vote.
- Several other states have also failed to pass state Bitcoin legislation, while many others are still actively pushing for state-level Bitcoin reserves.
The Oklahoma Strategic Bitcoin Reserve Act (House Bill 1203) has failed in a narrow 6-5 vote. This ends Oklahoma’s aspirations to become one of the first US states to establish a Strategic Bitcoin Reserve.
Senators Todd Gollihar, Chuck Hall, Brent Howard, and Dave Rader voted no from the Republican camp, while Senators Julia Kirt and Mark Mann voted no from the Democrats.
Senator Guthrie closed the debate prior to the vote with a number of remarks. He mentioned that regardless of if the bill passes, it will eventually happen. Guthrie stated: “We can be last, or we can be at the front of the line.”
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Guthrie mentioned the Oklahoma Strategic Bitcoin Reserve Act put guardrails in place, such as limiting the investment of digital assets to a maximum of 5% exposure and limiting investments in digital assets to those which hold market caps of at least US$500 billion (AUS$785.7 billion).
Guthrie also commented on Bitcoin’s upward trend over the past decade and the staying power it holds.
If you look at Bitcoin over the last ten years like I said, it has a 12,000% increase and a 49% annualised return. There has not been a period of four years that Bitcoin has lost money. Bitcoin is not going away.
Senator Brian Guthrie.Momentum Leading up to the Oklahoma Vote
Despite narrowly losing the vote, the bill had been gaining momentum with Senator Christi Gillespie deciding to change her vote to a yes in the hours leading up to the vote.
This change of heart was due to constituents reaching out to her and ultimately persuading her of the potential benefits. Gillepsie mentioned despite her not fully understanding Bitcoin, her ignorance is not a reason to hold the bill back.
What’s Happening in Other US States
While several states such as Montana, South Dakota, North Dakota, Wyoming, and Pennsylvania have hit roadblocks regarding the progression of Strategic Bitcoin Reserves at a state level, a large number of states are still ploughing ahead with the process.
Texas, Arizona, and New Hampshire are looking amongst the most likely to establish a state level Bitcoin Strategic Reserve. New Hampshire recently passed a vote in the House to permit up to 10% of the state’s general fund to be invested into both Bitcoin and precious metals.
With a majority of US States having shown interest in implementing a state-level Bitcoin Strategic Reserve, mass-adoption for Bitcoin could be perceived as no longer a question of if but when.
This follows on the heels of Trump’s executive order to initiate a Strategic Bitcoin Reserve at the federal level, through revenue-neutral means.
Related: Bitcoin Behaving Differently Than in Past Bull Runs, Bitwise Analyst Says
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