OKLAHOMA CITY (OBV) — A bill has been filed in the Oklahoma House of Representatives that would enable state savings accounts and pension funds to invest in digital assets like Bitcoin, if signed into law.
Rep. Cody Maynard, R-Durant, filed House Bill 1203 — legislation that establishes the Strategic Bitcoin Reserve Act.
House of Representatives officials say the bill is aligned with President Donald Trump’s vision for digital assets and financial stability.
Maynard contends that state savings and pension fund investment in Bitcoin would be managed prudently, generate reliable returns for citizens and safeguard purchasing power against inflationary pressures.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Maynard said. “As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.”
Maynard says the act will prepare Oklahoma for a future where digital assets are a pivotal part of the global economy.
He also says investing state funds in Bitcoin hedges against inflation and reinforces the state’s commitment to fiscal responsibility and forward-thinking governance.
“This bill is about protecting the hard-earned money of Oklahoma’s citizens,” Maynard said. “By diversifying our state’s savings and pension funds into digital assets, we are not only securing a stronger financial future for our state but also demonstrating Oklahoma’s leadership in adopting innovative fiscal policies.”
Trump is bullish on cryptocurrency. He signed an executive order on Thursday to promote cryptocurrencies and potentially build a crypto stockpile in the U.S.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership. It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy,” Trump’s executive order states.
The order defines digital assets as “digital representation of value that is recorded on a distributed ledger, including cryptocurrencies, digital tokens, and stablecoins.”
Trump’s executive order calls for the creation of a President‘s Working Group on Digital Asset Markets tasked with recommending regulatory and legislative proposals that advance cryptocurrency in the U.S.
Cryptocurrency has supporters, but it also has critics.
Opponents of cryptocurrency say it is environmentally unsustainable.
“The largest virtual currency Bitcoin requires vast amounts of energy to run computer codes that underpin the system,” a ScienceDirect study on cryptocurrencies states.
Another criticism is that cryptocurrencies lack intrinsic value because “they cannot be integrated into productive processes or directly consumed,” according to the study.
“Additionally, they lack essential currency characteristics that would provide objective value, making cryptocurrencies incapable of being recognized as true forms of currency,” the study states.
But the study also gives voice to crypto supporters who argue that crypto is already globally established and that crypto technology “offers the opportunity to become million times less energy consuming when applied in a large scale.”
