Oklahoma Senate Committee Votes to Reject Bitcoin Reserve Proposal

The Oklahoma Senate Revenue Committee narrowly rejected House Bill 1203 (also known as the Strategic Bitcoin Reserve Act) by a margin of 6-5. HB1203, introduced by Rep. Cody Maynard in January, allows the Oklahoma Treasury Secretary to invest in bitcoin and other eligible digital assets. A qualifying digital asset is defined as any asset that has a market value of more than $500 billion in the past year. Currently, only bitcoin meets this threshold. The earlier committee passed the bill by a landslide of 12-2 in February, setting the stage for Monday's significant showdown.