YEREVAN (CoinChapter.com) — Ohio Senator Sandra O’Brien introduced Senate Bill 57 (SB57) on Jan. 28, aiming to establish an Ohio Bitcoin Reserve Fund. The bill, referred to the Financial Institutions, Insurance, and Technology Committee on Jan. 29, would allow the state treasurer to invest state funds exclusively in Bitcoin. No other cryptocurrency would be included.
The bill requires that Bitcoin holdings be kept for at least five years. It also mandates secure custody solutions for the storage of digital assets. O’Brien stated on X that Ohio must take the lead in adopting Bitcoin.
Ohio Bitcoin Reserve Fund Proposal. Source: Sandra O’BrienTrump’s Crypto Working Group and Ohio’s Plan
Former President Donald Trump signed an executive order on Jan. 23 to create a crypto working group. The group will study potential digital asset policies, including the idea of a “national digital asset stockpile.”
O’Brien linked her proposal to this initiative. She wrote,
“Crypto will be a major part of President Trump’s term. When his working group issues recommendations, Ohio will be ready.”
Ohio Bitcoin Reserve Act Draft. Source: Ohio LegislatureOhio Agencies to Accept Bitcoin Payments
The bill includes a provision requiring state agencies, universities, and government entities to accept Bitcoin and other cryptocurrencies for taxes, fees, fines, and government charges. However, all received funds must be converted to Bitcoin and transferred to the Ohio Bitcoin Reserve Fund.
Additionally, the bill would allow Ohio residents, state agencies, and universities to donate Bitcoin to the reserve. The state treasurer would be able to create a recognition program for significant contributors.
Another Bitcoin Reserve Bill in Ohio
SB57 follows a similar bill introduced in December 2023 by Ohio House Republican Leader Derek Merrin. His proposal, House Bill 703 (HB703), also aimed to give the state treasurer the ability to invest in Bitcoin.
At the time, Merrin said,
“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.”
Ohio Bitcoin Reserve Proposal HB 703. Source: Derek MerrinIn September 2023, Ohio Senator Niraj Antani introduced another bill allowing the state to accept cryptocurrency for tax and fee payments. These efforts show Ohio’s increasing interest in using Bitcoin for state financial operations.
US States Expanding Bitcoin Reserve Plans
Ohio is one of twelve US states that have proposed legislation to allow state treasuries to hold Bitcoin. Arizona and Utah currently have Bitcoin reserve bills in progress.
In January 2024, a Utah House committee passed a bill allowing the state to invest public funds in Bitcoin. More states are considering Bitcoin investment strategies as part of their financial policies.
Bitcoin Reserve Bills Gaining Support
Several US states are discussing state-controlled Bitcoin reserves. Lawmakers are evaluating how Bitcoin investments could fit into state financial strategies.
According to Bitcoin Reserve Monitor, more states are reviewing similar proposals, reflecting a growing focus on Bitcoin as a potential asset for state treasuries.
The post Ohio Senator Pushes Bitcoin Reserve Bill for State Investments first appeared on Coinchapter.
The post Ohio Senator Pushes Bitcoin Reserve Bill for State Investments appeared first on Coinchapter.
