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53	53	STATE OF OKLAHOMA
54	54
55	55	2nd Session of the 59th Legislature (2024)
56	56
57	57	SENATE BILL 1826 By: Dahm
58	58
59	59
60	60
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62	62
63	63	AS INTRODUCED
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65	65	An Act relating to digital currency; creating the
66	66	Digital Currency of Oklahoma Act; providing short
67	67	title; requiring the Office of the State Treasurer to
68	68	establish a digital currency back ed by gold; allowing
69	69	the Treasurer to enter into certain contracts;
70	70	authorizing the Treasurer to establish a method to
71	71	administer digital currency; providing for
72	72	promulgation of rules; allowing for the purchase,
73	73	issuance, and redemption of digital currency and gold
74	74	for individuals from the Treasurer; providing for the
75	75	assessment of value for digital currenc y;
76	76	establishing conditions by which digital currency and
77	77	gold are held in trust; allowing the Treasurer to
78	78	assess a fee for transactions; creating revolving
79	79	fund by which proceeds may be deposited for the
80	80	administration of this act; providing for
81	81	codification; and providing an effective date .
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87	87	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
88	88	SECTION 1. NEW LAW A new section of law to be codified
89	89	in the Oklahoma Statutes as Section 374 of Title 74, unless there is
90	90	created a duplication in numbering, reads as follows:
91	91	This act shall be known and be cited as the “Digital Currency of
92	92	Oklahoma Act”.
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144	144	SECTION 2. NEW LAW A new section of law to be codified
145	145	in the Oklahoma Statutes as Section 374.1 of Title 74, unless there
146	146	is created a duplication in numb ering, reads as follows:
147	147	A. The Office of the State Treasurer shall establish a digital
148	148	currency that is back ed by gold so that each unit of the digital
149	149	currency issued represents a particular fraction of a troy ounce of
150	150	gold held in trust as provided for in this act.
151	151	B. The State Treasurer may contract with a private vendor to
152	152	establish the digital currency or perform other duties under this
153	153	act.
154	154	C. In establishing the digital currency, the State Treasurer
155	155	shall establish a means to ensure that a person who holds the
156	156	digital currency may readily transfer or assign the digital currency
157	157	to any other person by electronic means.
158	158	D. The State Treasurer serving as trustee, or another person
159	159	appointed by the State Treasurer to serve as trustee, shall hold in
160	160	trust on behalf of the digital currency holders all gold purchased
161	161	to back the digital currency. The t rustee shall maintain enough
162	162	gold to provide for the redemption in gold of all units of the
163	163	digital currency that h ave been issued and are not yet red eemed for
164	164	money or gold.
165	165	E. The State Treasurer shall establish a bullion depository to
166	166	hold gold purchased to back the digital curr ency and may hold the
167	167	gold otherwise as convenient for the administration of this act.
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219	219	F. As used in this act, “digital currency” means the digital
220	220	gold-backed currency established in this act.
221	221	G. The State Treasurer may adopt rules necessary for the
222	222	implementation of this act including, but not limited to, ensuring
223	223	the security of the digital currency and the prevention of fraud.
224	224	SECTION 3. NEW LAW A new section of law to be codified
225	225	in the Oklahoma Statutes as Section 374.2 of Title 74, unless there
226	226	is created a duplication in numbering, reads as follows:
227	227	A. A person may purchase from this state through the Office of
228	228	the State Treasurer any number of units of the digital currency.
229	229	B. On receiving payment for a purchase of the digital currency
230	230	together with any fee charged under Section 8 of this act, the State
231	231	Treasurer shall:
232	232	1. Using the money received from the purchaser, b uy a
233	233	fractional number of troy ounces of gold e qual to the number o f
234	234	units of the digital currency issued to the purchaser under
235	235	paragraph 2 of this subsection; and
236	236	2. Issue to the purchaser a number of units of the digital
237	237	currency equal to the amount of gold tha t the State Treasurer
238	238	purchases with the money received from the purchaser.
239	239	SECTION 4. NEW LAW A new section of law to be codified
240	240	in the Oklahoma Statutes as Section 374.3 of Title 74, unless there
241	241	is created a duplication in numbering, reads as fo llows:
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293	293	A. A person who holds the digital currency may present to the
294	294	State Treasurer, a person with whom the State Treasurer has
295	295	contracted, or a person serving as trustee for purposes of this act
296	296	any number of units of the digital currency to redeem for money.
297	297	B. On receipt of a person’s request for redemption, the State
298	298	Treasurer, contractor, or trustee shall:
299	299	1. Sell from the gold held in the depository establishe d in
300	300	Section 2 of this act a fractional number of troy ounces equal to
301	301	the number of units of the digital currency being red eemed; and
302	302	2. Provide to the person an amou nt of money equal to the amount
303	303	received from the sale of gold under paragraph 1 of this subsection,
304	304	less a fee charged pursuant to Section 8 of this act.
305	305	SECTION 5. NEW LAW A new section of law to be codified
306	306	in the Oklahoma Statutes as Section 373.4 of Title 74, unless there
307	307	is created a duplication in numbering, reads as follows:
308	308	A. A person who holds the digital currency may p resent to the
309	309	Office of the State Treasurer, a person with whom the State
310	310	Treasurer has contracted, or a person serving as the trustee for
311	311	purposes of this act any number of units o f digital currency to
312	312	redeem for an equal fractional number of troy ounces of gold from
313	313	the depository established in Section 2 of this act.
314	314	B. On receipt of a request for redemption, the State Treasurer
315	315	shall:
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367	367	1. Withdraw the requested number of troy o unces of gold from
368	368	the gold held in trust;
369	369	2. Upon the payment of a fee ch arged pursuant to Section 8 of
370	370	this act, deliver the gold to the requestor .
371	371	C. The State Treasurer, a person with whom the State Treasurer
372	372	has contracted, or a person serving as trustee for the p urposes of
373	373	this act may manage redemption of the digital currency for gold by
374	374	the use of bars or coins of standard sizes and may pay fractional
375	375	remainders in cash as is necessary to facilitate the transaction.
376	376	SECTION 6. NEW LAW A new section of law to be codified
377	377	in the Oklahoma Statutes as Section 374.5 of Title 74, unless there
378	378	is created a duplication in numbering, reads as follows:
379	379	A. At the time of each transactio n involving the issuance or
380	380	redemption of the digital currency, the Office of the State
381	381	Treasurer, a person with whom the State Treasurer has contract ed, or
382	382	a person serving as trustee for purpose s of this act shall determine
383	383	the value of a unit of the digital currenc y.
384	384	B. The value of a unit of the digital currency at the time of a
385	385	transaction shall be equal to the value of the appropriate fraction
386	386	of a troy ounce of gold at the time of the transaction.
387	387	SECTION 7. NEW LAW A new section of law to be codified
388	388	in the Oklahoma Statutes as Section 374.6 of Title 74, unless there
389	389	is created a duplication in numbering, reads as follows :
390	390
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441	441	Money received from the purchase of the digital currency
442	442	pursuant to Section 3 of this act, gold purchased and held p ursuant
443	443	to this act, and money received from the sale of gold in response to
444	444	a request for redemption pursuant to Section 4 of this act shall:
445	445	1. Be held in trust by the Office of the State Treasurer as
446	446	trustee or a person appointed by th e State Treasurer to serve as
447	447	trustee for purposes of this act outside the Office on behalf of
448	448	persons who hold the digital currenc y; and
449	449	2. Not be made available for legislative appropriations.
450	450	SECTION 8. NEW LAW A new section of law to be codified
451	451	in the Oklahoma Statutes as Section 374.7 of Title 74, unless there
452	452	is created a duplication in numbering, reads as follows:
453	453	A. The Office of the State Treasurer may establish a fee for
454	454	the issuance or redemption of the digital currency at any rate
455	455	necessary to cover t he costs of administering this act. The State
456	456	Treasurer shall deposit the proceeds from the fee administered to
457	457	the credit of an account established in this section.
458	458	B. There is hereby created in the State Treasury a revolving
459	459	fund for the Office of the State Treasurer to be designated the
460	460	“Digital Currency Revolving Fund”. The fund shall be a continuing
461	461	fund, not subject to fiscal year limitations, and shall consist of
462	462	all monies received by the Office of the State Treasurer from
463	463	proceeds from the fees assessed by the State Treasurer pursuant to
464	464	this act provided for the purpose of covering the costs of
465	465
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516	516	administering the provisions of this act . All monies accruing to
517	517	the credit of the fund are hereby appropriated and may be budgeted
518	518	and expended by the State Treasurer for the purpose provided for in
519	519	this act. Expenditures from the fund shall be made upon warrants
520	520	issued by the State Treasurer against claims filed as prescribed by
521	521	law with the Director of the Office of Management and Enterprise
522	522	Services for approval and payment.
523	523	SECTION 9. This act shall become effective November 1, 2024.
524	524
525	525	59-2-3383 MR 1/17/2024 4:23:55 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1826 Compare Versions