Oklahoma has become the latest US state to officially dismiss plans to establish a strategic Bitcoin reserve.
According to data from the Oklahoma State Legislature, House Bill 1203 (HB1203) failed to advance past the Senate Revenue and Taxation Committee after a close 6–5 vote against it during a Monday session.
The decision effectively puts an end to the state’s legislative efforts to adopt Bitcoin as part of its public fund investment strategy, with no other bill currently under review proposing such measures.
HB1203, also known as the Strategic Bitcoin Reserve Act, was introduced in January by Representative Cody Maynard.
The bill, like many currently under review across the US, proposed allowing the State Treasurer to invest up to 10% of funds from key state accounts, including the General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund, into Bitcoin, stablecoins and other digital assets with market caps exceeding $500 billion.
Maynard’s bill sought to position Bitcoin as a hedge against inflation and political interference. According to him, Bitcoin represents a form of financial sovereignty. He said at the time:
Bitcoin represents freedom from bureaucrats printing away our purchasing power. As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.
The bill also included provisions for staking digital assets and even proposed offering crypto options within state retirement portfolios.
Despite clearing early hurdles, including a strong 77–15 vote in the Oklahoma House and a 12–2 committee vote, the bill faced pushback in the Senate.
Lawmakers from both parties voiced concerns, ultimately leading to its rejection. Among the six “No” votes were Republicans Todd Gollihare, Chuck Hall, Brent Howard, and Dave Rader, alongside Democrats Julia Kirt and Mark Mann.
This development closely follows Utah’s withdrawal from a similar initiative just last month. Utah had proposed a more conservative approach through House Bill 230, which initially allowed the state to invest up to 5% of select funds into Bitcoin and other top-tier cryptocurrencies.
However, during final discussions in early March, lawmakers removed the Bitcoin reserve clause altogether. The amended bill later passed without the crypto provision, after concerns around early adoption risks were raised by sponsors like Senator Kirk A. Cullimore.
As of April 16, five other states—Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming—have also rejected legislative efforts to establish a state-level Bitcoin reserve.
More states propose Bitcoin reserve
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Earlier this month, New Hampshire became the latest state to move forward with Bitcoin reserve plans. On April 10, lawmakers passed House Bill 302 in a tight 192–179 vote, making it the fourth U.S. state to advance a Bitcoin reserve-related bill through a legislative chamber.
Meanwhile, Arizona remains the frontrunner in the Bitcoin reserve race. Two of its bills, SB1373 and SB1025, passed the House Rules Committee in March.
Elsewhere, Texas is actively pursuing the creation of a state-managed Bitcoin reserve. Senate Bill 21, known as the Texas Strategic Bitcoin Reserve and Investment Act, proposes establishing a special fund outside the state treasury dedicated to holding Bitcoin as a financial asset.
According to Bitcoin legislation tracker Bitcoin Laws, 40 strategic Bitcoin reserve bills are live across 20 US states.
