Ohio House Republican leader Derek Merrin introduced a new bill to establish a Bitcoin fund in the state’s treasury, making Ohio the third U.S. state – after Texas and Pennsylvania – to propose such a move in just over a month.
The bill, HB 703, called the Ohio Bitcoin Reserve Act, would give the state treasurer the authority to purchase Bitcoin as part of the state’s asset allocation strategy, though it wouldn’t require it.
Merrin emphasized the need for Ohio to embrace Bitcoin as a safeguard against the rapidly devaluing U.S. dollar. “Ohio must embrace technology and protect tax dollars from eroding,” he stated.
The bill is expected to serve as a framework for the upcoming legislative session, starting in January 2025, after the current session ends on December 31, 2024.
This bill follows similar actions in Texas and Pennsylvania. Texas House Rep. Giovanni Capriglione recently introduced the Texas Strategic Bitcoin Reserve Act, proposing Bitcoin as a reserve asset for the state.
In Pennsylvania, Rep. Mike Cabell proposed allowing the state’s treasury to hold up to 10% in Bitcoin to hedge against economic instability.
Merrin, a vocal supporter of crypto, believes that Bitcoin’s potential to revolutionize finance could strengthen Ohio’s finances. “We must have sound money — it’s like digital property rights for everyone who owns it,” he added.
With the growing momentum behind state-level Bitcoin reserves, the U.S. may be seeing a shift in how governments approach digital currencies.
Also Read: US States charges ahead to adopt Bitcoin Reserve Legislation
