- Regardless of the widespread adoption of Bitcoin reserve bills in the states of the United States, the price of Bitcoin dropped significantly.
- Apart from HB1203, State Senator Dusty Deevers of Oklahoma has filed the Bitcoin Freedom Act, which is also known as SB 325.
- Taking the data from the Bitcoin Reserve Monitor, around 25 U.S. states have proposed Bitcoin strategic reserve bills.
The recent slump of Bitcoin to $90,000 has not affected the enthusiasm of the U.S. states to have a strategic Bitcoin reserve bill. Recently, the bill got passed in the Oklahoma State House Committee and is now approaching a complete vote.
As per the document of the state, the Strategic Bill has been passed by the Oklahoma State House Committee having a majority of 12 votes in favor and 2 votes against it. The Strategic BTC Reserve bill will now move forward to the complete voting stage in the House of Representatives.
The Bill was termed House Bill 1203, the bill will permit the state treasury to put around 10% of its public funds into BTC or any other virtual asset that holds a market capitalization of more than $500 billion.
Bitcoin slump despite widespread adoption
The news of the progress of the bill was shared by the chief executive officer of Satoshi Act Fund, Dennis Porter over a social media platform, X. The post of Porter thanked the leadership by CodyMaynard15 who took the SBR bill forward and also gave credit to Representative Cody Maynard, the public employee who filed HB 1203.
Regardless of the widespread adoption of Bitcoin reserve bills in the states of the United States, the price of Bitcoin dropped significantly, indicating a crashing crypto market. Yesterday, Bitcoin was trading below $90,000 and at the time of writing, Bitcoin is exchanging hands at $87,707, showing a 6.78% decline.
After the US Presidential election result, this is the first time that the largest cryptocurrency has gone below this mark. Oklahoma has now been added to the list of U.S. states to progress its Strategic Bitcoin Reserve Bill.
Status of the 25 U.S. states
Taking the data from the Bitcoin Reserve Monitor, around 25 U.S. states have proposed Bitcoin strategic reserve bills. Every state is working hard for the approval, and out of 25, around 18 state legislations are still pending, 2 are in consideration, and 5 have so far been rejected.
The House of Representatives of Oklahoma first launched a strategic BTC Reserve bill on January 16. Apart from HB1203, State Senator Dusty Deevers of Oklahoma has filed the Bitcoin Freedom Act, which is also known as SB 325.
The bill would permit Oklahoma workers to take their payments in Bitcoin and the companies to get Bitcoin payments from clients as well.
