Ohio Senator Introduces Bitcoin Reserve Bill

An Ohio lawmaker has introduced a second bill aimed at allowing the state to invest in Bitcoin to establish a local cryptocurrency reserve.

Ohio Senate Bill 57 (SB57), referred to the Financial Institutions, Insurance, and Technology Committee on January 29, would authorize the state treasurer to invest state funds exclusively in Bitcoin, creating an “Ohio Bitcoin Reserve Fund.”

The bill requires that Bitcoin holdings be kept for a minimum of five years and mandates the use of secure custody solutions for safeguarding the assets.

Ohio Senator Sandra O’Brien introduced the bill on January 28, stating on X, “the crypto world is here, and Ohio needs to be a leader.”

She added, “Crypto will be a major part of President Trump’s term. When his working group issues recommendations, Ohio will be ready.”

This comes after Donald Trump signed an executive order on January 23, establishing a crypto working group to explore various initiatives, including the potential creation of a “national digital asset stockpile.”

The bill also mandates that state entities and government agencies accept cryptocurrency for payments, such as taxes, fees, fines, and other government charges.

Additionally, when agencies receive crypto, they must convert it into Bitcoin and transfer it to the reserve fund.

SB57 outlines a process allowing Ohio residents, state agencies, and state universities to donate Bitcoin to the fund.

It also grants the treasurer the authority to establish a recognition program to honor significant donors.

SB57 is part of a broader trend of Bitcoin-related legislative efforts in Ohio.

In December, Ohio House Republican Leader Derek Merrin introduced House Bill 703 (HB 703), known as the Ohio Bitcoin Reserve Act, which would give the state treasurer the option to allocate Bitcoin to a reserve fund.

“The US dollar is being rapidly devalued, and our state Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,” Merrin stated at the time.

Earlier, in September, Ohio Senator Niraj Antani proposed a bill that would allow the state to accept cryptocurrency for tax and fee payments.

Ohio is part of a growing number of US states exploring crypto investments.

In late January, a Utah House committee passed a bill that would permit the state to invest a portion of public funds in cryptocurrency.

According to the Bitcoin Reserve Monitor, Ohio is among twelve US states that have introduced bills authorizing local treasuries to purchase crypto assets.

Additionally, Arizona and Utah have crypto-related bills currently in progress.

Sources:

https://cointelegraph.com/news/ohio-senator-state-second-bitcoin-reserve-bill

https://www.legislature.ohio.gov/legislation/136/sb57/status

https://x.com/OBrienOH32/status/1884255110047621569

https://search-prod.lis.state.oh.us/api/v2/general_assembly_136/legislation/sb57/00_IN/pdf/

https://bitcoinreservemonitor.com/