The US state of Oklahoma and Texas have introduced their Bitcoin Strategic Reserve bill, as the Bitcoin Reserve bill gradually becomes a ‘new normal’ for US lawmakers.
Oklahoma and Texas Introduce Bitcoin Reserve Bill
On January 15, 2025, Oklahoma Congressman Cody Maynard proposed a bill to establish a strategic BTC reserve in the state. The bill suggests allocating a part of the state’s pension funds and savings accounts to Bitcoin. Oklahoma aims to use Bitcoin as a potential hedge against inflation.
US Senator Charles Schwertner has also proposed Senate Bill No. 778 (SB 778) for Texas. If passed, Texas would become the first state in the United States to establish a strategic BTC reserve. Senator Schwertner noted, “This would position our state at the forefront of the digital economy, driving growth and securing economic freedom for our great state!”
It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve. This would position our state at the… pic.twitter.com/dRdCt86Otr
— Charles Schwertner (@DrSchwertner) January 15, 2025
The proposal could allow the state to collect taxes, fees, and donations in Bitcoin. Being the second-largest economy in the United States, Texas boasts the highest number of Bitcoin miners in the country.
At present, 13 US states are considering BTC reserve legislation, and Oklahoma has become the 6th state to introduce a ‘Strategic Bitcoin Reserve’ policy. The trend began with Texas, but in November 2024, Pennsylvania proposed that the state Treasury invest up to 10% of its assets in a Bitcoin reserve. On January 10, New Hampshire Republican Representative Keith Ammon proposed a bill for diversifying the state’s holdings by allowing investment in both precious metals and cryptocurrencies like Bitcoin. On December 17, Republican Representative Derek Merrin introduced the Ohio Bitcoin Reserve Act.
20 Strategic Bitcoin Bills on the Way: SAF Co-founder Dennis Porter
Dennis Porter, co-founder of Satoshi Action Fund, first revealed that up to 20 ‘Strategic Bitcoin Reserve’ bills will be introduced at the state level, with the possibility of multiple bills in the same state. Porter expressed his excitement for the BTC Reserve bills on X, saying, “Six months ago, a state proposing a ‘Strategic Bitcoin Reserve’ bill would have been groundbreaking. Today, it’s becoming the new normal. The pace of change is nothing short of astonishing.”
Also Read: New Hampshire Introduces Bill to Create a Bitcoin Reserve
Credit: Source link