- Ohio Representative Derek Merrin introduces House Bill 703 to allow state treasury Bitcoin investments.
- The Ohio Bitcoin Reserve Act grants discretionary power to the State Treasurer for crypto purchases.
- Bill follows similar legislative initiatives in Pennsylvania and Texas.
- No specific Bitcoin allocation requirements are mandated in the proposed legislation.
- The bill will serve as a framework for the 2025 legislative session.
Ohio Proposes State Bitcoin Reserve Fund Amid Growing State-Level Crypto Initiatives
Ohio State Representative Derek Merrin proposed legislation on Monday that would establish a dedicated Bitcoin reserve fund within the state treasury, joining a nationwide movement of states seeking to diversify their holdings with cryptocurrency investments.
Legislative Framework
House Bill 703, dubbed the Ohio Bitcoin Reserve Act, modifies section 2981.12 and adds section 135.146 to Ohio’s Revised Code. The legislation grants the State Treasurer discretionary authority to purchase Bitcoin, though it stops short of mandating specific allocation requirements.
_”The U.S. 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 on X.
Multi-State Momentum
The Ohio proposal follows recent state-level cryptocurrency initiatives:
- Pennsylvania: Representative Mike Cabell’s Bitcoin Strategic Reserve Act proposes allocating up to 10% of state treasury reserves to Bitcoin
- Texas: House Bill 1598, filed by Representative Giovanni Capriglione, aims to create a donation-funded Bitcoin reserve and enable crypto payments for state services
- Ohio: A separate proposal by Senator Niraj Antani seeks to implement cryptocurrency tax payments
Merrin referenced Senator Cynthia Lummis’s national Bitcoin reserve proposal, suggesting alignment with potential federal initiatives under a future Trump administration. The timing of the bill’s introduction near the end of the current legislative session positions it as a foundation for discussion in 2025.
Bitcoin, the leading cryptocurrency by market capitalization, has gained increasing attention from state legislators as a potential hedge against inflation and currency devaluation. The Ohio proposal represents a growing trend of state governments exploring cryptocurrency integration into their financial frameworks.
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