- Ohio Treasurer Robert Sprague expresses caution about proposed legislation to invest state funds in cryptocurrency.
- House Bill 18 would allow up to 10% of interim state funds to be invested in digital assets.
- Ohio officials are exploring cryptocurrency acceptance for state agency fees while debating long-term investment strategies.
Ohio’s Treasurer Robert Sprague expressed reservations about proposed legislation that would allow the state to invest taxpayer dollars in cryptocurrency, while simultaneously supporting efforts to accept digital currency for state services. During a Thursday news conference, Sprague, alongside Secretary of State Frank LaRose, discussed the potential for state agencies to begin accepting Bitcoin and other cryptocurrencies for certain fees, including business formation costs.
“We don’t want to be on the bleeding edge of things, but we want to be on the leading edge of things,” Sprague stated at the event.
Cryptocurrency Investment Legislation Under Review
The treasurer’s concerns center on House Bill 18, introduced by Rep. Steve Demetriou (R-Bainbridge Twp.), which would permit the treasurer to invest up to 10% of interim state funds in digital assets. These funds would come from sources like the General Revenue Fund and the State Lottery Gross Revenue Fund.
Sprague highlighted technical issues around safeguarding potential digital assets as a primary concern. More significantly, he questioned whether Ohio should expose itself to the volatility inherent in cryptocurrency markets. The treasurer disclosed that he personally doesn’t own any cryptocurrency.
Complementary Legislation and Public Adoption
Also under consideration at the Statehouse is House Bill 116, which would prohibit state and local governments from imposing certain taxes and fees specifically targeting cryptocurrency. According to Demetriou, this bill establishes necessary groundwork for the investment proposal.
“I think it would be wise for us to have some definitions in the (Ohio Revised Code), if we’re going to go then say, ‘Hey, let’s go invest Ohioans money in this stuff,'” Demetriou said in a March interview.
While officials debate the merits of cryptocurrency investment, public interest remains significant. A 2023 poll by digital asset exchange Coinbase found that approximately one in five Ohioans already own some form of cryptocurrency, suggesting potential public support for the state’s exploration of digital currency options.
Despite his reservations about immediate investment, Sprague did express interest in the concept of Ohio developing sovereign wealth through digital assets, noting, “I do like this idea of having some sovereign wealth or the idea of Ohio being able to hold on to assets longer term and those assets to build and grow over time.”
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