Oklahoma’s attempt to become one of the first U.S. states to implement a Bitcoin reserve has come to an abrupt end.
In a tight 6-5 vote on Monday, the Senate Revenue and Taxation Committee struck down House Bill 1203, also called the Strategic Bitcoin Reserve Act, despite late momentum and a surprise vote reversal from Sen. Christi Gillespie.
Gillespie, who had planned to vote no “up until this afternoon,” changed her mind after “a couple of constituents” reached out.
“A lawmaker changed their ‘No’ vote to a ‘Yes’ because they heard from their Bitcoiner constituents!” tweeted Dennis Porter, CEO and co-founder of Satoshi Action Fund, urging Bitcoin reserve advocates to keep pressure on legislators. “Your voice matters!”
Still, the effort fell short in Oklahoma. The “no” votes came from Republican Senators Todd Gollihare, Chuck Hall, Brent Howard, and Dave Rader, along with Democrats Julia Kirt and Mark Mann.
Introduced by Rep. Cody Maynard in January, HB1203 would have allowed Oklahoma’s state treasurer to invest in Bitcoin and other qualifying digital assets, defined as any with a market capitalization above $500 billion for the past year. At present, only Bitcoin meets that threshold.
An earlier committee passed the bill in February by a wide 12–2 margin, setting up Monday’s high-stakes showdown.
State Bitcoin reserve efforts
With Oklahoma now out of the picture, New Hampshire, Texas, and Arizona have emerged as the top contenders in the race to become the first U.S. state to establish a strategic Bitcoin reserve.
It also marks the latest blow to such proposals, following recent rejections in Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming.
Meanwhile, on April 10, New Hampshire’s House passed HB302, a bill permitting up to 10% of the state’s general fund to be invested in Bitcoin and precious metals. The 192-179 vote sends the bill to the Senate for further consideration.
On the same day as New Hampshire’s vote, Florida’s House Insurance and Banking Committee unanimously passed HB487, which would allow up to 10% of certain state funds to be invested in Bitcoin.
Arizona, meanwhile, continues to lead in terms of legislative momentum. On March 24, the state’s House Rules Committee approved two complementary bills, SB1373 and SB1025, that proposed the Arizona State Treasurer invest public funds in Bitcoin.
The bills now await a full floor vote in the House. If they pass, the legislation will head to Governor Katie Hobbs for final approval.
On March 6, the Texas Senate passed SB-21, a Bitcoin strategic reserve bill, in a 25–5 vote after a contentious debate on the Senate floor.
At the moment, 47 State Bitcoin Reserve (SBR) bills have been introduced across 26 states, with 40 active bills still live in 20 states, as per the reserve tracker Bitcoin Laws’ data.
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