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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1826 By: Dahm
AS INTRODUCED
An Act relating to digital currency; creating the
Digital Currency of Oklahoma Act; providing short
title; requiring the Office of the State Treasurer to
establish a digital currency back ed by gold; allowing
the Treasurer to enter into certain contracts;
authorizing the Treasurer to establish a method to
administer digital currency; providing for
promulgation of rules; allowing for the purchase,
issuance, and redemption of digital currency and gold
for individuals from the Treasurer; providing for the
assessment of value for digital currenc y;
establishing conditions by which digital currency and
gold are held in trust; allowing the Treasurer to
assess a fee for transactions; creating revolving
fund by which proceeds may be deposited for the
administration of this act; providing for
codification; and providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 374 of Title 74, unless there is
created a duplication in numbering, reads as follows:
This act shall be known and be cited as the “Digital Currency of
Oklahoma Act”.
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SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 374.1 of Title 74, unless there
is created a duplication in numb ering, reads as follows:
A. The Office of the State Treasurer shall establish a digital
currency that is back ed by gold so that each unit of the digital
currency issued represents a particular fraction of a troy ounce of
gold held in trust as provided for in this act.
B. The State Treasurer may contract with a private vendor to
establish the digital currency or perform other duties under this
act.
C. In establishing the digital currency, the State Treasurer
shall establish a means to ensure that a person who holds the
digital currency may readily transfer or assign the digital currency
to any other person by electronic means.
D. The State Treasurer serving as trustee, or another person
appointed by the State Treasurer to serve as trustee, shall hold in
trust on behalf of the digital currency holders all gold purchased
to back the digital currency. The t rustee shall maintain enough
gold to provide for the redemption in gold of all units of the
digital currency that h ave been issued and are not yet red eemed for
money or gold.
E. The State Treasurer shall establish a bullion depository to
hold gold purchased to back the digital curr ency and may hold the
gold otherwise as convenient for the administration of this act.
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F. As used in this act, “digital currency” means the digital
gold-backed currency established in this act.
G. The State Treasurer may adopt rules necessary for the
implementation of this act including, but not limited to, ensuring
the security of the digital currency and the prevention of fraud.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 374.2 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. A person may purchase from this state through the Office of
the State Treasurer any number of units of the digital currency.
B. On receiving payment for a purchase of the digital currency
together with any fee charged under Section 8 of this act, the State
Treasurer shall:
1. Using the money received from the purchaser, b uy a
fractional number of troy ounces of gold e qual to the number o f
units of the digital currency issued to the purchaser under
paragraph 2 of this subsection; and
2. Issue to the purchaser a number of units of the digital
currency equal to the amount of gold tha t the State Treasurer
purchases with the money received from the purchaser.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 374.3 of Title 74, unless there
is created a duplication in numbering, reads as fo llows:
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A. A person who holds the digital currency may present to the
State Treasurer, a person with whom the State Treasurer has
contracted, or a person serving as trustee for purposes of this act
any number of units of the digital currency to redeem for money.
B. On receipt of a person’s request for redemption, the State
Treasurer, contractor, or trustee shall:
1. Sell from the gold held in the depository establishe d in
Section 2 of this act a fractional number of troy ounces equal to
the number of units of the digital currency being red eemed; and
2. Provide to the person an amou nt of money equal to the amount
received from the sale of gold under paragraph 1 of this subsection,
less a fee charged pursuant to Section 8 of this act.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 373.4 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. A person who holds the digital currency may p resent to the
Office of the State Treasurer, a person with whom the State
Treasurer has contracted, or a person serving as the trustee for
purposes of this act any number of units o f digital currency to
redeem for an equal fractional number of troy ounces of gold from
the depository established in Section 2 of this act.
B. On receipt of a request for redemption, the State Treasurer
shall:
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1. Withdraw the requested number of troy o unces of gold from
the gold held in trust;
2. Upon the payment of a fee ch arged pursuant to Section 8 of
this act, deliver the gold to the requestor .
C. The State Treasurer, a person with whom the State Treasurer
has contracted, or a person serving as trustee for the p urposes of
this act may manage redemption of the digital currency for gold by
the use of bars or coins of standard sizes and may pay fractional
remainders in cash as is necessary to facilitate the transaction.
SECTION 6. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 374.5 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. At the time of each transactio n involving the issuance or
redemption of the digital currency, the Office of the State
Treasurer, a person with whom the State Treasurer has contract ed, or
a person serving as trustee for purpose s of this act shall determine
the value of a unit of the digital currenc y.
B. The value of a unit of the digital currency at the time of a
transaction shall be equal to the value of the appropriate fraction
of a troy ounce of gold at the time of the transaction.
SECTION 7. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 374.6 of Title 74, unless there
is created a duplication in numbering, reads as follows :
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Money received from the purchase of the digital currency
pursuant to Section 3 of this act, gold purchased and held p ursuant
to this act, and money received from the sale of gold in response to
a request for redemption pursuant to Section 4 of this act shall:
1. Be held in trust by the Office of the State Treasurer as
trustee or a person appointed by th e State Treasurer to serve as
trustee for purposes of this act outside the Office on behalf of
persons who hold the digital currenc y; and
2. Not be made available for legislative appropriations.
SECTION 8. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 374.7 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. The Office of the State Treasurer may establish a fee for
the issuance or redemption of the digital currency at any rate
necessary to cover t he costs of administering this act. The State
Treasurer shall deposit the proceeds from the fee administered to
the credit of an account established in this section.
B. There is hereby created in the State Treasury a revolving
fund for the Office of the State Treasurer to be designated the
“Digital Currency Revolving Fund”. The fund shall be a continuing
fund, not subject to fiscal year limitations, and shall consist of
all monies received by the Office of the State Treasurer from
proceeds from the fees assessed by the State Treasurer pursuant to
this act provided for the purpose of covering the costs of
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administering the provisions of this act . All monies accruing to
the credit of the fund are hereby appropriated and may be budgeted
and expended by the State Treasurer for the purpose provided for in
this act. Expenditures from the fund shall be made upon warrants
issued by the State Treasurer against claims filed as prescribed by
law with the Director of the Office of Management and Enterprise
Services for approval and payment.
SECTION 9. This act shall become effective November 1, 2024.
59-2-3383 MR 1/17/2024 4:23:55 PM