Oklahoma Representative Cody Maynard has proposed a strategic bitcoin reserve bill that could potentially allow the State Treasurer to invest in crypto assets, mirroring initiatives in several other U.S. states.
Maynard announced on Wednesday that “House Bill 1203,” or the “Strategic Bitcoin Reserve Act,” seeks to allow the state’s savings accounts and pension funds to invest in cryptocurrencies, including bitcoin.
The bill’s introduction aligns with the crypto agenda of President-elect Donald Trump, who has promised to create a strategic crypto reserve to position the nation as the leader of the crypto sector.
If enacted, the Oklahoma bill would allow the State Treasurer to hold bitcoin or crypto assets with a market cap of over $500 billion and stablecoins. However, according to the bill, the amount of public funds invested in these crypto assets must not exceed 10% of the total size of public funds. Bitcoin has a market cap of around $2 trillion, and ether’s market cap stands at $406.5 billion.
The bill would also allow the treasurer to stake crypto assets using third-party services if the treasurer can retain legal ownership of the assets.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Maynard said in the Wednesday statement. “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.”
Maynard noted that the crypto investments would be “managed prudently to meet the needs of fund managers, generate reliable returns for citizens, and safeguard purchasing power against inflationary pressures.”
The bill will be considered during the upcoming legislative session, which begins on Feb. 3. If enacted, it would take effect on Nov. 1.
Several other U.S. states have also introduced similar acts. Representatives from states, including Texas, Pennsylvania and Ohio, have recently pushed to build bitcoin reserves in their respective states.
Bitcoin has gained much traction, especially after the reelection of pro-crypto Trump as U.S. President. The world’s largest crypto gained 2.79% in the past 24 hours to trade at $99,538 at the time of writing, according to The Block’s price page.
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