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ENGR. H. B. NO. 1203 Page 1
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ENGROSSED HOUSE
BILL NO. 1203 By: Maynard, Hays, Pae, Kelley,
Chapman, Adams, Woolley and
Hill of the House
and
Frix of the Senate
An Act relating to public finance; enacting the
Strategic Bitcoin Reserve Act; providing definitions;
permitting certain investments by the State
Treasurer; limiting investments; directing manner in
which digital assets shall be held; permitting
certain third-party solution; permitting investment
of state retirement funds in certain digital assets;
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 89.12 of Title 62, unless there
is created a duplication in numbering, reads as follows:
This act shall be known and may be cited as the "Strategic
Bitcoin Reserve Act".
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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 follows:
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
"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 stablecoins and non-fungible
tokens (NFTs), and other digital-only assets that confer 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. "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;
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5. "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; and
6. "Staking" means the act of committing digital assets for a
period of time to validate and secure a specific blockchain network.
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.
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 is made, exceed five percent (5%) 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:
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1. On behalf of the state by a qualified custodian; or
2. 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 appropriate regulatory approval from
at least one of the competent authorities of the following:
1. The United States of America; or
2. Any state of the United States of America.
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.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 89.12c of Title 62, unless there
is created a duplication in numbering, reads as follows:
Any state retirement fund may invest digital assets in exchange-
traded products that have been duly registered by either the United
States Securities and Exchange Commission or the Commodities Future
Trading Commission. The amount of funds that may be invested 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
is made, exceed five percent (5%) of the total amount of funds in
that account.
SECTION 5. This act shall become effective November 1, 2025.
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Passed the House of Representatives the 24th day of March, 2025.
Presiding Officer of the House
of Representatives
Passed the Senate the _____ day of __________, 2025.
Presiding Officer of the Senate