Oklahoma’s Bitcoin reserve bill passes State House vote amidst BTC price crash

A Strategic Bitcoin Reserve Bill is heading towards a full vote after passing in the Oklahoma State House Committee, despite BTC’s recent drop below $90,000.

According to a state document, the Strategic BTC Reserve bill has been recommended to pass by the Oklahoma State House Committee. The bill passed with a majority vote of 12 to 2. It will now proceed to the full voting stage in the House of Representatives.

Known as House Bill 1203, the bill would allow the state treasury to invest 10% of its public funds into Bitcoin (BTC) or other digital assets at a market value of over $500 billion. The news was also shared by Satoshi Act Fund founder and CEO, Dennis Porter, on his X account.

“Thank you to the leadership by CodyMaynard15 who carried the SBR bill,” said Porter, giving credit to Rep. Cody Maynard, the public official who filed HB 1203.

Despite the win towards adoption of BTC reserve bills in U.S. states, the cryptocurrency itself recently dropped in value, triggering a collapse in the crypto market. On Feb. 25, Bitcoin fell below $90,000, breaking its bearish pattern with a 6.78% decline. This is the first time BTC has fallen below $90,000 since November 2024.

At press time, BTC has slowly risen by 1.15% but still has not been able to claw its way back to the $90,000 mark. BTC is currently trading hands at $89,236, according to data from crypto.news.

Oklahoma has become the latest U.S. state to progress its Strategic Bitcoin Reserve Bill. According to the Bitcoin Reserve Monitor, there are at least 25 U.S. states that have introduced Bitcoin strategic reserve bills.

Each state is at different stages of legislation approval, with 18 state legislations still pending, two still in consideration, and five proposals have been rejected.

Oklahoma’s House of Representatives first introduced a “strategic BTC Reserve” bill in Jan. 16. However, HB 1203 is not the only Bitcoin-related act that has been introduced in Oklahoma. Previously, on Jan. 9, Oklahoma State Senator Dusty Deevers filed the “Bitcoin Freedom Act” or SB 325. The bill would allow Oklahoma workers to get paid in BTC and for firms to receive BTC payments from clients.