- Oklahoma’s HB 1203 could permit 10% of public funds to be invested in Bitcoin.
- Nic Carter cautions that significant government purchases could disrupt markets and undermine dollar stability.
Oklahoma is on the verge of becoming the first state in the U.S. to incorporate Bitcoin [BTC] into its public financial reserves.
The Strategic Bitcoin Reserve Act (HB 1203) has successfully passed through a pivotal House committee with a vote of 12-2, moving it to the House floor for a final vote.
If approved, this legislation would enable Oklahoma to allocate up to 10% of its public funds to Bitcoin and other major digital assets with a market cap of over $500 billion.
“This bill aims to safeguard the hard-earned money of Oklahomans”
The proposal intends to target funds from the State General Fund, Revenue Stabilization Fund, and Constitutional Reserve Fund.
It specifies custody requirements for holding digital assets either directly, through a qualified custodian, or via exchange-traded products.
As per the current provisions, this framework would be implemented on November 1st, provided the bill passes the House vote and any subsequent approvals.
The bill’s proponent, Representative Cody Maynard, presented the legislation as a defensive measure against currency devaluation.
Maynard stated,
“This bill is intended to protect the hard-earned financial resources of Oklahomans. By diversifying our state’s savings and pension funds into digital assets, we aim to secure a more robust financial future while showcasing Oklahoma’s leadership in adopting innovative financial policies.”
A reserve strategy or a threat to dollar stability?
Proponents view the initiative as a protective measure against inflation. Maynard refers to Bitcoin as “the ultimate store of value,” asserting that its limited supply prevents governments from diluting purchasing power through inflation.
Dennis Porter, CEO of the Satoshi Act Fund, characterized the committee vote as a “significant breakthrough,”
Source: X
Maynard’s viewpoint reflects the national dialogue ignited by President Donald Trump, who proposed that adopting Bitcoin could assist in addressing the U.S. national debt,
“Perhaps we’ll pay off our $35 trillion debt.”
Maynard’s supporters claim that Bitcoin’s decentralized nature protects it from political or bureaucratic interference,
“As a decentralized currency, Bitcoin cannot be manipulated or produced by governmental bodies. It stands as the ultimate store of value for advocates of financial autonomy and sound money principles.”
However, the idea of a strategic Bitcoin reserve has faced criticism from prominent industry leaders. Nic Carter, co-founder and partner at Castle Island Ventures, is in favor of the government holding Bitcoin it already owns but is against large-scale acquisitions.
Discussing similar legislation proposed in the U.S., he remarked,
“If the Lummis SBR proposal moves toward certainty, financial markets will crash. In my perspective, if the Lummis SBR concept inches closer to reality, markets will turn chaotic, compelling Trump to retract the policy.”
A national trend towards state-level Bitcoin reserves
Oklahoma is not the only state contemplating Bitcoin as a component of its financial framework.
Multiple U.S. states, including Pennsylvania, Texas, New Hampshire, North Dakota, and Ohio, have proposed similar initiatives to create Bitcoin reserves.
In fact, state-led Bitcoin Reserve legislation in the U.S. could generate over $23 billion in BTC demand, potentially causing a supply shock as states like Texas eliminate purchase caps.
Source: 2025 Cryptocurrency Adoption and Consumer Sentiment Report
These legislative initiatives coincide with a rise in cryptocurrency acceptance across the country.
According to the 2025 Cryptocurrency Adoption and Consumer Sentiment Report, 28% of American adults presently possess digital assets, nearly doubling since 2021.
Interest in Bitcoin remains robust, with 74% of crypto enthusiasts owning BTC and 69% of investors reporting net gains in their portfolios.
What lies ahead?
The results of Oklahoma’s vote could pave the way for a significant transformation in state management of public funds, potentially ushering in a new era of government-supported Bitcoin adoption.
If successful, this legislation might prompt other states to reassess their financial strategies in favor of diversifying into digital assets.
For now, all eyes are on the lawmakers of Oklahoma as they determine whether Bitcoin will officially become part of the state’s financial landscape.
