Oklahoma and Texas Move to Integrate Bitcoin into State Finance

YEREVAN (CoinChapter.com) —  Oklahoma and Texas are progressing with plans to adopt Bitcoin as a reserve asset. Lawmakers in both states have introduced legislation to integrate Bitcoin into state financial systems.

Texas Bitcoin Reserve Proposal Gains Attention

Texas State Senator Charles Schwertner introduced Senate Bill 778 to establish a Bitcoin reserve. The legislation would allow the state to hold Bitcoin as an asset and accept taxes, fees, and public donations in BTC. Schwertner announced that if passed, Texas would be the first state in the U.S. to adopt a strategic Bitcoin reserve.

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve,”

Schwertner shared on X. The proposal includes measures like secure storage through cold wallets, regular audits, and transparency protocols. Funding for Bitcoin purchases would be capped at 1% of the state’s general revenue.

Another proposal, House Bill 1598, introduced by Representative Giovanni Capriglione in December, aims to allow Bitcoin donations and requires the state comptroller to hold Bitcoin as a reserve for at least five years. Both bills reflect Texas’s interest in using Bitcoin for financial diversification.

Oklahoma Introduces Strategic Bitcoin Reserve Act

Representative Cody Maynard introduced House Bill 1203, called the Strategic Bitcoin Reserve Act, in the Oklahoma House of Representatives on Jan. 15. The bill proposes using part of the state’s pension funds and savings accounts to invest in Bitcoin.

Maynard highlighted Bitcoin’s potential to protect against inflation and maintain purchasing power.

“Bitcoin represents freedom from bureaucrats printing away our purchasing power,”

he said. The proposal emphasizes Bitcoin’s decentralized nature and finite supply as key factors for financial security.

If passed, the legislation would allow Oklahoma to allocate assets strategically to Bitcoin, similar to initiatives in other states.

U.S. States Push Bitcoin Reserve Legislation

The initiatives in Texas and Oklahoma are part of a broader trend. In November 2024, Pennsylvania lawmakers proposed investing up to 10% of the state Treasury’s assets in Bitcoin. Representative Mike Cabell supported the proposal, referencing examples from private firms like BlackRock and Fidelity that use Bitcoin to diversify investments.

On January 10, both North Dakota and New Hampshire introduced Bitcoin reserve bills. North Dakota’s proposal already has 11 co-sponsors, while New Hampshire’s bill uses broader terminology to include digital assets beyond Bitcoin.

Currently, 13 U.S. states are pursuing legislation to integrate Bitcoin into their financial strategies, indicating its growing acceptance as a financial tool.

Global Adoption of Bitcoin Reserves

Interest in Bitcoin reserves is growing internationally. Countries such as Japan, Switzerland, and Russia are exploring Bitcoin’s role in their financial systems. In Canada, the city of Vancouver has already incorporated Bitcoin into its municipal reserves.

A report by asset management firm VanEck projected that adopting Bitcoin reserves could reduce the U.S. national debt by 36% by 2025. This indicates a rising interest in Bitcoin’s potential to enhance financial resilience.

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