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coinpedia 2025-02-05 05:58:26

Ohio Set to Lead the Bitcoin Revolution? New Bill Proposes Crypto Reserve

Ohio Set to Lead the Bitcoin Revolution? New Bill Proposes Crypto Reserve

The post Ohio Set to Lead the Bitcoin Revolution? New Bill Proposes Crypto Reserve appeared first on Coinpedia Fintech News Ohio is making bold moves in the crypto world, as a new bill aims to create a state Bitcoin reserve. Senator Sandra O’Brien has introduced a proposal that would allow the state’s treasurer to invest in Bitcoin, making Ohio one of the growing number of U.S. states embracing digital assets. Ohio’s Plan for a Bitcoin Reserve Senate Bill 57, introduced on January 28 and referred to the Financial Institutions, Insurance, and Technology Committee a day later, seeks to establish the “Ohio Bitcoin Reserve Fund.” I just introduced legislation to create an Ohio Bitcoin Reserve Fund. The crypto world is here, and Ohio needs to be a leader. Crypto will be a major part of President Trump’s term. When his working group issues recommendations, Ohio will be ready. — State Senator Sandra O'Brien (@OBrienOH32) January 28, 2025 If passed, this law will allow the state to invest public funds solely in Bitcoin while ensuring that these holdings are securely stored for at least five years. Senator O’Brien believes that Ohio must take a leadership role in crypto adoption. She emphasized on social media that “the crypto world is here, and Ohio needs to be a leader.” She also noted that with President Donald Trump’s growing interest in digital assets, Ohio must be prepared for potential federal-level crypto policies. Bitcoin for Payments and Donations The bill doesn’t stop at just investing in Bitcoin. It also proposes that Ohio state agencies and government entities accept Bitcoin for payments, including taxes, fees, and fines. Once received, the funds will be converted into Bitcoin and stored in the reserve. Additionally, Ohio residents, state agencies, and universities will have the option to donate Bitcoin to the fund. The bill even suggests creating a recognition program to honor major contributors, further encouraging Bitcoin adoption at the state level. Other US State Joining Too This isn’t Ohio’s first attempt to embrace Bitcoin. In December, Ohio House Republican leader Derek Merrin introduced a similar bill, HB 703, which would give the state treasurer the option to allocate Bitcoin to a reserve fund, Merrin argued that the devaluation of the U.S. dollar makes it essential for states to explore alternative assets like Bitcoin. Ohio isn’t the only state pushing for crypto adoption. Across the U.S., other states like Utah and Arizona are also advancing bills to allow public funds to be invested in cryptocurrencies. In total, more than twelve U.S. states are considering legislation to allow Bitcoin reserves.

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