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Bill > HB1891
OK HB1891
OK HB1891State government; Oklahoma State Treasurer; digital assets; precious metals; Digital Asset Property Fund; effective date.
summary
Introduced
02/03/2025
02/03/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to state government; providing definitions; permitting the Oklahoma State Treasurer to invest public funds in certain precious metals and digital assets; limiting amount that may be invested; prescribing manner in which digital assets shall be held; clarifying stablecoins must be approved by certain competent authorities; permitting engaging in staking by using a third-party solution; permitting loaning of certain digital assets; prescribing manner in which precious metals shall be held; authorizing the investment of any state retirement fund in certain registered products; authorizing the Treasurer to create the Digital Asset Property Fund; providing purpose of fund; directing Treasurer to establish process through which fund takes control of certain digital assets; proscribing the fund taking control of digital assets obtained via civil asset forfeiture; directing the exchange of digital assets for certain digital assets or stablecoins; permitting fund to stake digital assets through third-party; directing for certain excess fund to be paid to State General Revenue Fund; directing the Treasurer to establish process for return of certain digital assets; permitting use of assets to provide funding for State Rainy Day Fund; directing Treasurer to select a qualified custodian; providing criteria for selection of qualified custodian; directing the Treasurer to conduct study; providing for codification; and providing an effective date.
AI Summary
This bill establishes a comprehensive framework for the Oklahoma State Treasurer to invest and manage public funds in digital assets and precious metals. The legislation defines key terms like "stablecoin" (a digital asset backed by government currency or liquid assets), "staking" (committing digital assets to validate a blockchain network), and establishes strict guidelines for digital asset investments. The State Treasurer may invest up to 10% of funds from the State General Revenue, State Rainy Day, and State Lottery Funds in digital assets with a market cap over $500 billion or in precious metals like gold, silver, and platinum. The bill creates a Digital Asset Property Fund to hold digital assets obtained through criminal asset forfeiture, with a process for returning assets to residents who have lost them through fraud or theft. The legislation requires digital assets to be held using secure custody solutions with robust cybersecurity measures, and allows for staking and lending of digital assets under specific conditions. Additionally, the State Treasurer is mandated to conduct a study analyzing the potential economic benefits of digital assets and stablecoins, with the results to be published before the next legislative session. The act is set to become effective on November 1, 2025, and provides detailed guidelines for the selection of qualified custodians to manage these digital assets.
Sponsors (1)
Last Action
Second Reading referred to Rules (on 02/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1891&Session=2600 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1891&Session=2500 |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB1891%20INT.PDF |
| BillText | https://www3.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB1891%20INT.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2025-26%20INT/hB/HB1891%20INT.PDF |
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