Oklahoma Drops Out of Bitcoin Reserve Race After Narrow Senate Defeat

Highlights:

• The Oklahoma Senate has rejected the Bitcoin reserve bill with a narrow 6–5 vote.
• The bill would have allowed up to 10% of state funds to be invested in Bitcoin and other large digital assets.
• Other states, like Texas and New Hampshire, are moving forward with similar plans to invest state funds in Bitcoin.

Oklahoma’s attempt to create a state-managed Bitcoin reserve ended on Monday when the Senate Revenue and Taxation Committee voted 6–5 against House Bill 1203. The vote came after weeks of momentum, including strong support in the House and a last-minute vote change by one senator. Sen. Christi Gillespie had intended to vote no, but switched her vote after hearing from constituents earlier that day. Despite her support, the bill did not gather enough votes to move forward.

🚨JUST IN: OKLAHOMA’S STRATEGIC BITCOIN RESERVE ACT FAILS IN SENATE COMMITTEE AFTER TIGHT 6–5 VOTE

— BSCN (@BSCNews) April 16, 2025

House Bill 1203, also known as the Strategic Bitcoin Reserve Act, passed through the Government Oversight Committee with a 12–2 vote on February 25. In addition, it received a 77–15 vote in the full House on March 24. However, it met bipartisan resistance in the Senate committee.

Three Republican senators and three Democratic senators voted against it. Senators Todd Gollihare, Chuck Hall, Brent Howard, and Dave Rader joined Julia Kirt and Mark Mann in voting no. With this result, Oklahoma is no longer in the running to be among the first states to hold Bitcoin as part of its public fund strategy.

Inside the Bill: What HB1203 Aimed to Achieve

The proposed House Bill 1203 gave the state treasurer authority to invest up to 10% of three key funds into Bitcoin and digital assets whose market exceeded $500 billion. The proposed legislation allowed investments from three major funds known as the State General Fund, the Revenue Stabilization Fund, and the Constitutional Reserve Fund.

The bill also permitted the use of secure third-party custodians to hold these assets. It aimed to add Bitcoin and qualifying assets to state retirement investment options. Moreover, it encouraged the use of digital asset staking to increase returns.

According to the bill, any taxes or fees paid in Bitcoin would first be converted to U.S. dollars before being added to state accounts. The bill was introduced by Representative Cody Maynard on January 15. He described Bitcoin as a way to protect citizens from inflation and loss of purchasing power. Cody said Bitcoin, due to its decentralized nature, could not be changed or created by government control. He argued it offered financial freedom and preserved value.

Other States Continue Pursuing Bitcoin Investment Strategies

While Oklahoma’s proposal has failed to advance, other states are continuing to move forward with similar plans. New Hampshire’s House passed HB302 on April 10 with a 192–179 vote. The bill allows the state to invest up to 10% of the state’s general fund in Bitcoin and precious metals. That same day, Florida’s House Insurance and Banking Committee passed HB487 with full support. The bill aims to allow Bitcoin investments using some state funds.

In Arizona, progress continues as well. On March 24, the Arizona House Rules Committee approved two bills, SB1373 and SB1025. Both bills allow the state to invest in Bitcoin. These bills are now waiting for a full vote in the House before they move to the governor for approval. On March 6, the Texas Senate passed SB-21 with a 25–5 vote after extended debate.

According to Bitcoin Laws, 26 states have introduced 47 bills that aim to create a Bitcoin reserve. Among the existing state bills, 40 bills are active in 20 states, and additional bills are currently being reviewed. Several states, such as Arizona, Texas, and New Hampshire, are still in the race to pass the bills.

Oklahoma drops out of the Bitcoin Reserve Race, leaving Arizona, New Hampshire, and Texas as the front-runners. pic.twitter.com/pA87HoXoiQ

— Bitcoin Laws (@Bitcoin_Laws) April 15, 2025