Oklahoma Strategic Pension Protection Act (SB 1985)

SB 1985 followed a short Senate path. It was introduced on Feb. 2, 2026, referred after second reading on Feb. 3, reported do pass as amended by the Senate Revenue and Taxation Committee on Feb. 16, and placed on General Order on March 2 after being withdrawn from Appropriations. The official retirement subject index continued to show SB 1985 at General Order in the Senate. The Senate Journal for May 14 recorded that the Senate adjourned sine die pursuant to HCR 1027, and SB 1985 did not appear in the listed Senate bills enrolled and transmitted for final signatures and governor action.

The core operative section would have permitted any Oklahoma state retirement system to invest in digital assets through exchange-traded products that were duly registered by the Securities and Exchange Commission or the Commodity Futures Trading Commission. The text used permissive language and did not require a retirement board to buy digital assets, adopt a target allocation, or make direct spot-market purchases.

• Investment vehicle: exposure would be through qualifying exchange-traded products, not an expressly authorized self-custody or direct-wallet structure.
• Allocation limit: at the time an investment was made, Bitcoin, qualifying large-cap digital assets and stablecoins could not exceed 5% of the total amount of funds in that account.
• Market-cap threshold: the latest text used a $500 billion average-market-cap test over the previous calendar year for non-Bitcoin digital assets.
• Stablecoin treatment: stablecoins were included within the covered digital asset framework, subject to the same account-level limit.

The bill defined Bitcoin by reference to the 2009 Bitcoin network and also as the digital asset underlying a Bitcoin exchange-traded product regulated by the SEC. It defined digital assets broadly to include virtual currency, cryptocurrencies, natively electronic assets, stablecoins, NFTs and other digital-only assets that confer economic, proprietary or access rights. An exchange-traded product was defined as a SEC- or CFTC-approved financial instrument traded on an American-regulated exchange and deriving value from an underlying pool of assets. A stablecoin was defined as a dollar or high-quality liquid asset-backed digital asset issued by a corporation and redeemable on demand at par in U.S. dollars.