Oklahoma has officially exited the race to establish a Strategic Bitcoin Reserve (SBR) after a key bill failed to advance in the State Senate.

On April 15, the Oklahoma Senate Revenue and Taxation Committee voted 6-5 to strike down House Bill 1203, also known as the Strategic Bitcoin Reserve Act.

One of the key developments ahead of the vote was Senator Christi Gillespie’s change of heart. She initially planned to vote against the bill but later switched to a “yes” after hearing from constituents. Her reversal, though notable, wasn’t enough to change the outcome.

Meanwhile, the bill’s failure came despite earlier momentum in the state’s House of Representatives, where it passed with a decisive 77-15 vote.

The proposal aimed to authorize the state treasurer to allocate public funds to Bitcoin and select stablecoins. However, according to data from CryptoSlate, only Bitcoin currently meets the bill’s requirement of a $500 billion market capitalization, with its valuation sitting at approximately $1.6 trillion.

Oklahoma’s exit removes it from the list of active states exploring Bitcoin reserves. It now joins Montana, South Dakota, Wyoming, North Dakota, and Pennsylvania, where similar efforts have either stalled or failed.

Bitcoin reserve momentum continues

Meanwhile, 21 other states continue to push forward, some with multiple active bills.

According to Bitcoin Laws, Arizona, New Hampshire, and Texas are leading the race to incorporate the top crypto into public finance.

Currently, the US has 117 pro-Bitcoin bills under consideration. Of these, 47 are directly tied to Strategic Bitcoin Reserve initiatives across the 26 states.

Discussions about Bitcoin reserves are also gaining traction at the federal level. Bo Hines, Executive Director of the Presidential Council of Advisers on Digital Assets, confirmed that the government is evaluating funding options for its planned Bitcoin reserve.

These include using tariff revenue and revaluing gold-backed Treasury certificates to support a Bitcoin reserve without increasing the national budget.

Posted In: Bitcoin, US, Adoption, Crypto, Legislation, Politics