Oklahoma's Cody Maynard Proposes Strategic Bitcoin Reserve, Joining 8 States

Jan 15, 2025, 06:59 PM

Oklahoma State Representative Cody Maynard has introduced a bill to establish a Strategic Bitcoin Reserve for the state. The proposed 'Strategic Bitcoin Reserve Act' would enable Oklahoma to buy and hold Bitcoin as a state asset. If passed into law, Oklahoma would become the sixth state to introduce such a policy, joining New Hampshire, Alabama, Florida, Pennsylvania, and Texas, with a goal of achieving 12 states to introduce similar bills. Currently, eight states are pushing for Strategic Bitcoin Reserve legislation. The bill allows for investment in any digital asset with a market capitalization of over $500 billion, with custody options including self-custody, a custodian, or an exchange-traded fund (ETF). The state could allocate up to 10% of one of three public funds for this purpose: the General Fund ($8.5 billion), the Revenue Stabilization Fund ($262 million), and the Constitutional Reserve Fund ($1.3 billion).