The proposed "Strategic Bitcoin Reserve Act" establishes a legal framework for the State Treasurer of Oklahoma to invest public funds in Bitcoin and stablecoins, with specific definitions and guidelines for these digital assets. The Act allows the State Treasurer to invest up to ten percent of the total amount of public funds in Bitcoin and other digital assets with a market cap exceeding $500 billion, while ensuring that these investments are made through secure custody solutions or qualified custodians. Additionally, the Act mandates that all taxes or fees paid to the state in Bitcoin be transferred to the State General Fund, which will reimburse the designated fund in U.S. currency.

Furthermore, the Act permits state retirement funds to hold digital assets directly or invest in exchange-traded products that are registered with relevant regulatory bodies. It outlines the necessary characteristics for secure custody solutions, including multi-party governance and regular audits, to ensure the safety of digital assets. The legislation is set to take effect on November 1, 2025, and aims to modernize Oklahoma's approach to public finance by incorporating digital currencies into its investment strategies.