Oklahoma Senate Committee Votes to Reject Bitcoin Reserve Proposal

Senate Tax Committee of Oklahoma voted down House Bill 1203 (also known as the "Strategic Bitcoin Reserve Act") with a narrow margin of 6 to 5. HB1203 was introduced by Representative Cody Menard in January of this year, allowing the Oklahoma State Treasurer to invest in Bitcoin and other eligible digital assets. Eligible digital assets are defined as any asset with a market value of over $500 billion in the past year. Currently, only Bitcoin meets this threshold. The earlier committee overwhelmingly passed this bill in February with a vote of 12 to 2, setting the stage for this significant battle on Monday.