Rep. Cody Maynard has introduced House Bill 1203, which would establish a Bitcoin Strategic Reserve (BTC), up to an amount of $850,000,000, in Oklahoma. Oklahoma is now the sixth US state to have received such a plan.
Oklahoma State Treasurer would be able to invest funds in Bitcoin and digital assets that have a market cap of more than $500 billion.
Investments in these assets are limited to 10% of their total value. The fund’s website states that it is committed to ensuring the safety of its customers. Annual ReportOklahoma collected $8.5 billion by August 7, 2024.
The limit on the market capitalization currently only allows Bitcoin as an investment. Ethereum (ETH), the only other cryptocurrency that comes close to the required amount, should be able to reach the price of $4,150, given the current circulating stock of 120,5 millions ETH.
This legislation would take effect Nov. 1, 2020 if passed.
Custody requirements and others
Digital assets purchased under this act are required to be safely stored with advanced custodial solutions. This includes geographically distributed data centers, and strict governance protocols involving multiple parties.
This bill allows for the use of staking. Staking is a mechanism that uses blockchain to verify transactions, provided the government retains the ownership rights.
Stablecoins are allowed to be invested in if the tokens have been approved by regulatory bodies in the US or UK.
The bill specifies, as well, that any taxes or fees paid using Bitcoin must go into the State General Fund. That fund will then refund designated accounts by US Dollars.
This act allows for state retirement funds (SRFs) to also invest directly in digital assets via secure custody with custodians who are qualified or through regulated ETPs.
A growing trend
As of Jan. 15, six US states had formally presented legislation for the creation of a Bitcoin Strategic Reserve.
Mike Cabell You can also read about the advantages of using Plans for a similar reserve to be established in Pennsylvania by November 14, 2024. Giovanni Capriglione, a representative from Pennsylvania who was elected less than a month after the first proposal. Similar Texas legislation
Derek Merrin, a lawmaker from Ohio, joined the group as the third state. Introduced a Bill Proposing Bitcoin adoption on the state level by December 17, 2024.
New Hampshire The following are some examples of how to get started: North Dakota Both states followed suit and introduced legislation last week for a Bitcoin Reserve.
Dennis Porter, the co-founder of Satoshi Action Fund and its CEO, supports the efforts to pass legislation in various US States. He highlighted The six states are half the number of states he hoped to reach in order to initiate BTC reserves bills during the first quarter.
Meanwhile, Alabama’s State Auditor Andrew Sorrell Recent Call on the state to consider adding Bitcoin to its treasury to hedge against inflation, while Florida’s Chief Financial Officer Jimmy Patronis Advocates The same decision.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
