Oklahoma ends Bitcoin Reserve Race as Senate rejects bill

Oklahoma has officially stepped down to establish a Strategic Bitcoin Reserve (SBR) after the major bills failed to advance in the state Senate.

On April 15, the Oklahoma Senate’s Revenues and Tax Committee voted 6-5 to attack House Bill 1203, also known as the Strategic Bitcoin Reserve Act.

One important development prior to the vote was the change in the mind of Senator Christy Gillespie. She initially planned to vote against the bill, but later switched to “yes” after hearing from constituents. Her reversal is noteworthy, but not enough to change the outcome.

Meanwhile, the bill’s failure occurred despite its previous momentum in the state’s House of Representatives, despite passing a decisive 77-15 vote.

The proposal aims to allow state accounts to allocate public funds to Bitcoin and select Stablecoins. However, according to data from Encryptioncurrently only Bitcoin meets the bill’s $500 billion market capitalization requirement, with a valuation of around $1.6 trillion.

Oklahoma exit removes from the list of active states to explore Bitcoin reserves. Currently joining Montana, South Dakota, Wyoming, North Dakota and Pennsylvania, similar efforts have stalled or failed.

Bitcoin Reserve Momentum continues

Meanwhile, 21 other states continue to move forward, with some with multiple active invoices continuing to move forward.

According to Bitcoin law, Arizona, New Hampshire and Texas are leading the race to incorporate top crypto into their finances.

Currently, 117 Pro Bitcoin invoices are under consideration in the US. Of these, 47 are directly linked to strategic Bitcoin Reserve initiatives across 26 states.

The debate about Bitcoin reserves has also gained traction at the federal level. Bo Hines, executive director of the Presidential Advisory Council on Digital Assets, confirmed that the government is evaluating its planned Bitcoin Reserve funding options.

These include using tariff revenues and reevaluating the Gold Support Financial Certificate to support Bitcoin Reserve without increasing the national budget.