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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 1203 By: Maynard
AS INTRODUCED
An Act relating to public finance; enacting the
Strategic Bitcoin Reserve Act; providing definitions;
permitting certain investments by the State
Treasurer; limiting investments; directing certain
taxes and fees be paid to the State General Fund;
permitting investment of state retirement funds;
providing for codification; and providing an
effective date.
BE IT ENACTED BY THE PEO PLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 89.12 of Title 62, unless there
is created a duplication in numbering, reads as follows:
This act shall be know n and may be cited as the "Strategic
Bitcoin Reserve Act".
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 89.12a of Title 62, unless there
is created a duplication in numbering, reads as f ollows:
As used in this act, the following terms shall mean:
1. "Bitcoin" refers to the decentralized digital currency
launched in 2009, based on Satoshi Nakamoto 's whitepaper titled
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"Bitcoin: A Peer-to-Peer Electronic Cash System ". Bitcoin also
refers to the digital asset which is the basis of the bitcoin
exchange-traded product and is regulated by the United States
Securities and Exchange Commission;
2. "Digital asset" means virtual currency, cryptocurrencies,
natively electronic assets, including stab lecoins and non-fungible
tokens (NFTs), and other digital -only assets that con fer economic,
proprietary, or access rights or powers;
3. "Exchange-traded product (ETP)" refers to any financial
instrument that is approved by the United States Securities and
Exchange Commission, or the Commodities Future Trading Commission,
that is traded on an American regulated exchange and derives its
value from an underlying pool of assets, such as stocks, bonds,
commodities, or indexes;
4. "Private key" means a unique element of cryptographic data,
used for signing transactions on a blockchain, a nd is known to the
owner of the private key;
5. "Qualified custodian" means any federal or state -chartered
bank, trust company, or special purpose depository institution or a
company regulated by the state which custodies digital assets for an
approved exchange-traded product;
6. "Secure custody solution" means a technological product or
blended product and service which has all of the following
characteristics:
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a. the cryptographic private keys that secure digital
assets are exclusively known by and acc essible by the
government entity,
b. the cryptographic private keys that secure digital
assets are exclusively contained within an encrypted
environment and accessible only via e nd-to-end
encrypted channels,
c. the cryptographic private keys that secure digital
assets are never contained by, accessible by, or
controllable via a smartphone,
d. any hardware that contains the cryptographic private
keys that secure digital assets is m aintained in at
least two geographically diversified specially
designated secure data centers,
e. the secure custody solution enforces a multi -party
governance structure for authorizing transactions,
enforces user access controls, and logs all user -
initiated actions,
f. the provider of the secure custody solution has
implemented a disaster recovery protocol that ensures
customer access to assets in the event the provider
becomes unavailable, and
g. the secure custody solution undergoes regular code
audits and penetration testing from audit firms, and
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any identified vulnerabilities sh ould be promptly
remedied;
7. "Stablecoin" means a digital asset that is issued by a
corporation backed by dollars or high -quality liquid assets and is
redeemable, on demand, by the holder, at par for a fixed monetary
value in equivalent United States dollars;
8. "Staking" means the act of committing digital assets for a
period of time to validate and secure a specific blockchain network;
and
9. "Staking as a service" means the provision of technical
staking services, including the operation of nodes and the
associated infrastructure necessary to facilitate participation in
blockchain networks' consensus mechanisms.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 89.12b of Title 62, unless there
is created a duplication in numbering, reads as follows:
A. The State Treasurer may invest public funds in bitcoin or
any digital asset with a market cap of over Five Hundred Billion
Dollars ($500,000,000,000.00) averaged over the previous calendar
year, and stablecoins from the following funds:
1. The State General Fund ;
2. The Revenue Stabilization Fund ; and
3. The Constitutional Reserve Fund.
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B. The amount of public funds that the State Treasurer may
invest in bitcoin or any digital assets with a market cap of over
Five Hundred Billion Dollars (500,000,000,000.00) averaged over the
previous calendar year, and stablecoins may not, at the time the
investment if made, exceed ten percent (10%) of the total amount of
public funds in that account.
C. Any digital assets acquired by any of the funds listed in
subsection A of this section shall be held:
1. Directly by the State Treasurer through the use of a secure
custody solution;
2. On behalf of the state by a qualified custodian; or
3. In the form of an exchange-traded product issued by a
registered investment company.
D. The State Treasurer may only hold stablecoins under this
section that have received the appropriat e regulatory approva l from
at least one of the competent authorities of the fo llowing:
1. The United States of America ;
2. Any state of the United States of America ;
3. The United Kingdom;
4. The Nation of Japan; or
5. The European Union.
E. If a digital asset can be staked with the Office of the
State Treasurer retaining legal ownership of the digital asset, the
State Treasurer may engage in staking using a third-party solution.
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SECTION 4. NEW LAW A new section of law to be co dified
in the Oklahoma Statutes as Section 89.12c of Title 62, unless there
is created a duplication in numbering, reads as follows:
All taxes or fees paid to the state in bitcoin shall be
transferred to the State General Fund. The State General Fund shall
reimburse whatever fund the qualifying digital asset was designated
to with United States currency.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 89.12d of Title 62, unless there
is created a duplication in numbering, reads as follows:
Any state retirement fund m ay hold digital assets directly
through the use of a secure custody solution, store digital assets
with a qualified custodian, or invest digital assets in exchange-
traded products that have been duly registered by either the United
States Securities and Exchange Commission or the Commodit ies Future
Trading Commission.
SECTION 6. This act shall become effective November 1, 2025.
60-1-10264 MJ 01/13/25