Cody Maynard, a lawmaker at the Oklahoma House of Representatives, has presented a bill that could allow the state to own digital assets. Maynard proposed the “ Strategic Bitcoin Reserve Act ” or House Bill 1203 to Oklahoma to invest in cryptocurrencies like other U.S. states. Motivation Behind the Bill Speaking on the motivation behind the proposed bill, Maynard maintained that Bitcoin represents freedom from manipulation either by government or private entities. He stated that Bitcoin prevents the system from printing away the purchasing power of the citizens, and as a decentralized form of money, it represents financial freedom. The Oklahoma lawmaker described Bitcoin as the ultimate store of value . He also noted that people who believe in sound money principles embrace the asset. Provisions of the Strategic Bitcoin Reserve Act According to the bill’s proposal, if passed, Oklahoma’s savings accounts and pension fund could be invested in different crypto assets, including Bitcoin. If the lawmakers enact the bill, the State Treasures could hold Bitcoin or any other crypto assets with a market capitalization of $500 billion. The same conditions apply to stablecoins. As it stands, only Bitcoin qualifies as its market capitalization is approximately $2 trillion. Ethereum, the second largest crypto asset by market cap, is almost $100 billion short of cutting. Its market capitalization stands at $401.87 billion at current market price. Ethereum and other assets can only qualify when their value exceeds the prevailing price. However, the bill’s terms specify the public funds that can be safely invested in these crypto assets. It stipulates that crypto investments must not exceed 10% of the cumulative public funds. Other notable provisions in the bill include allowing the treasurer to stake crypto assets using third-party services. This provision comes with a clause that states the treasurer can retain legal ownership of the assets. Legislative Path to Actualization The proposed bill will gain legislative consideration at the next House session, which will commence on February 3. If it scales all legislative proceedings and gets approval for enactment, it would take effect on November 1, 2025. Oklahoma is not alone in the push for a Bitcoin Reserve Act. Lawmakers from other states, such as Pennsylvania, New Hampshire , and Texas, have recently pushed to accumulate Bitcoin by establishing a reserve in their different states. The post Oklahoma Lawmaker Pushes Bill to Make Bitcoin a State Investment appeared first on TheCoinrise.com .
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