Oklahoma has introduced a bill that aims to create a strategic Bitcoin reserve, positioning the state at the forefront of digital asset adoption. Representative Cody Maynard, R-Durant, announced the Strategic Bitcoin Reserve Act on Wednesday, proposing a new fiscal approach to safeguard state funds while embracing emerging technologies.
Oklahoma Proposes Bitcoin Reserve Act
The proposed legislation, officially titled the Strategic Bitcoin Reserve Act, would allow Oklahoma’s state savings accounts and pension funds to invest in Bitcoin. According to Maynard, the initiative aims to protect citizens’ purchasing power and generate stable returns in the face of inflationary pressures.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Maynard said. He emphasized Bitcoin’s decentralized nature and finite supply as key factors that make it resistant to inflation and government interference. The bill is designed to diversify the state’s financial portfolio, ensuring long-term fiscal stability and sustainability for Oklahoma residents.
The legislation also reflects broader efforts to integrate digital assets into state-level financial strategies. If passed, it would authorize state fund managers to allocate a portion of public funds to Bitcoin investments, with the goal of maintaining financial stability and enhancing returns for state-managed accounts.
This Is A Breaking News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Oklahoma joins Texas, Pennsylvania, Ohio, New Hampshire and North Dakota in having Bitcoin reserve proposals.
- State savings accounts and pension funds will have the nod to invest in BTC if the bill passes.
Oklahoma is the latest US state to eye a strategic Bitcoin reserve after Rep. Cody Maynard officially introduced a ‘Strategic Bitcoin Reserve Act.’
On Wednesday, January 15, 2025, Rep. Cody Maynard, announced the introduction of the groundbreaking proposal that could see Oklahoma embrace sound money with addition of BTC to state’s strategic reserve.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Maynard said. “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.”
Sixth US state with a BTC reserve proposal
The announcement follows similar initiatives in Texas, Pennsylvania, Ohio, New Hampshire and North Dakota. With Oklahoma taking this step, six US states are now actively looking at bills aimed at incorporating BTC into their financial systems.
“This bill is about protecting the hard-earned money of Oklahoma’s citizens,” Maynard continued. “By diversifying our state’s savings and pension funds into digital assets, we are not only securing a stronger financial future for our state but also demonstrating Oklahoma’s leadership in adopting innovative fiscal policies.”
President Donald Trump supports the idea of a US bitcoin reserve, a move that has legislators optimistic the new administration will make America the hub of crypto and BTC. US Senator Cynthia Lummis recently introduced the Bitcoin Act, which seeks to have the US government add BTC to its strategic reserve.
Oklahoma’s new bill seeks to have the state’s savings accounts and pension funds invest in Bitcoin.
- The Bitcoin Freedom Act lets Oklahomans accept their wages in Bitcoin
- Oklahoma State Senator Deevers said Washington is “ruining the US dollar”
- The Bitcoin Freedom Act is eligible for consideration in the 60th legislative session beginning on February 3
Oklahoma State Senator Dusty Deevers has filed legislation allowing employees to receive wages in Bitcoin and businesses to accept Bitcoin payments.
Introducing the Bitcoin Freedom Act, Deevers said: “In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments.”
Deevers continued: “As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”
The bill, known as SB325, states under section 4 that: “Any employee of this state, business, corporation, other entity, and resident of this state may negotiate and receive payment and compensation, including salaries, wages, and other forms of compensation, in Bitcoin.”
Embracing the future of finance
Deevers pointed out that Bitcoin is becoming increasingly seen as a hedge against inflation, unlike traditional currencies such as the US dollar. Taking to X, Deevers posted: “If Washington DC can ruin something, it likely will. And it is certainly ruining the US dollar.”
Continuing, Deevers wrote: “This small but possibly revolutionary change has the potential to offset the harms suffered due to inflation and make Oklahoma a national leader who embraces the future of financial technology.”
If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar.
Inflation caused by reckless spending and money printing is eroding the purchasing power of Oklahomans. It is past time to start looking at options less vulnerable to D.C.… pic.twitter.com/PrMGWdi7fe
— Dusty Deevers (@DustyDeevers) January 8, 2025
Deevers also praised President-elect Donald Trump who spoke at Bitcoin events during his presidential election.
“Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future,” he added.
The Bitcoin Freedom Act is eligible for consideration in the 60th legislative session beginning on February 3.
✓ Share: