The US State of Oklahoma withdraws from the strategic bitcoin reserve project

The US State of Oklahoma officially emerged from the race to create a strategic bitcoin reserve after the failure of a central bill in progress within the state’s Senate.

The Revenue and Tax Committee of the Senate in Oklahoma State voted 6-5 against draft law No. 1203, also known as the Bitcoin Strategic Reserve Law.

One of the most prominent developments before the vote was to change the position of Senator Christie Gilsby, although she was intending to vote against the draft law at the beginning, but she modified her position to “yes” after listening to her voters.

However, that change was not sufficient to change the result, and this bill failed despite the momentum it obtained in the state’s parliament, as it was approved with an overwhelming vote of 77 compared to 15.

This proposal was to enable the treasury secretary to allocate public funds to invest in bitcoin and some stable currencies.

Only bitcoin worn the requirements of the bill, with regard to the market ceiling of $ 500 billion, with a market value of about 1.6 trillion dollars.

As Oklahoma came out, she joined states such as Montana, South Dakota, North Dakota, and Pennsylvania, in which similar efforts failed or stopped.

Meanwhile, 21 other American states continue to pay the strategic reserves of the bitcoin, while discussions on this issue are increasing at the federal and local levels.

It is noteworthy that Oklahoma is located in the south of the center of the United States and is an important economic center thanks to its various industries such as oil and natural gas, agriculture, technology, and one of the developed American states that seek to enhance innovation in the field of digital assets.

Oklahoma was seeking to be among the leading states in the adoption of bitcoin as part of its financial strategies, and a draft law was submitted to allow the treasury secretary in the state to allocate up to 10% of the public funds for investment in the Bitcoin and other digital currencies whose market value exceeds 500 billion dollars.

The state targeted this step to hedge against inflation and enhance the financial stability of the state, as well as support for financial innovation.

Despite the momentum about the project in the House of Representatives and the approval of the majority, it faced resistance in the Senate, and it was rejected in reflecting the challenges facing the states in adopting digital assets within their financial strategies.