A new bill that allows Oklahoma to invest in Bitcoin has been given a green light by the Oklahoma House of Representatives. According to House Bill 1203 this bill would allow Oklahoma to use up to 5% of its financial reserves and retirement fund for buying Bitcoin or at least other cryptocurrencies valued over $500 billion. Currently, Bitcoin is the only cryptocurrency meeting these requirements.
The original bill had suggested a 10% investment in crypto but later was reduced to 5% out of concern of market risks. State Rep. Cody Maynard, who supports the bill, said the idea is to exercise control over crypto investments and avoid too much risk.
The decision was, however, not met by all with agreement. Certain details in the bill worried House Democrats. State Rep. Andy Fugate said he questioned why there was no rebalancing rule in the bill that would allow the percentage of cryptocurrency investments to change over time. While he worried, he ended up voting for the bill.
However, state Rep. Melissa Provenzano worried about forcing retirees to have crypto in their pension funds. He confirmed as well that retirees cannot opt out, same as with other state investments.
After the approval of the bill in the House, the law will go to the Oklahoma Senate for further discussion. The bill will see Oklahoma become one of the first states to add Bitcoin to its financial planning status if the Senate passes it.
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