Ohio is considering its second Bitcoin reserve bill, which a state senator recently introduced.
Ohio Senator Sandra O’Brien introduced a plan to establish the “Ohio Bitcoin Reserve Fund” by permitting the state treasurer to invest in Bitcoin but banning investments in other cryptocurrencies.
Ohio is considering its second legislative proposal that would allow the state to invest in Bitcoin and create a cryptocurrency reserve.
The Ohio Senate introduced Bill 57, which the Financial Institutions, Insurance, and Technology Committee received on Jan. 29. This bill aims to allow the state treasurer to invest state funds only in Bitcoin and establish the “Ohio Bitcoin Reserve Fund.”
The legislation specifies that Bitcoin assets must remain held for no less than five years, and secure custody methods must safeguard them.
After introducing the bill on Jan. 28, Ohio Senator Sandra O’Brien took to X and declared, “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,” she added.
An executive order signed by Donald Trump on Jan. 23 set up a crypto working group to investigate several matters, one of which is the creation of a “national digital asset stockpile.”
According to the Ohio bill, state entities and public agencies must recognize cryptocurrency as a valid payment method for taxes, fees, fines, and other financial obligations.
The proposal specifies that government entities must convert all received cryptocurrency into Bitcoin before depositing it into the reserve.
Ohio residents, state universities, and agencies can contribute Bitcoin to the fund under the bill, which also allows the treasurer to create a program for major donors.
Among the many Bitcoin-centric bills introduced in the state, SB57 stands out.
The Ohio Bitcoin Reserve Act, HB 703, House Republican leader Derek Merrin introduced in December. It offers the state treasurer the option to invest Bitcoin in 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 said at the time.
Ohio Senator Niraj Antani presented a bill in September to allow the state to receive cryptocurrency for tax and fee payments.
The number of states in the U.S. proposing bills for crypto investments continues to increase. In late January, a Utah House committee passed a bill that allows the state to invest some of its public funds in crypto.
Twelve U.S. states, including Ohio, have proposed bills to authorize their treasuries to buy crypto assets, and Arizona and Utah are working on similar proposals, according to Bitcoin Reserve Monitor.
