Ohio lawmaker Sandra O’Brien has introduced a bill to allow the state to invest in Bitcoin, creating an “Ohio Bitcoin Reserve Fund.” Senate Bill 57, presented on January 28, grants the state treasurer the authority to invest state funds exclusively in Bitcoin.
The bill establishes a requirement to maintain cryptocurrency investments for five years while implementing strict security protocols for their storage. Ohio needs to take a leading position in crypto, according to O’Brien, who announced this on X.
She explained cryptocurrency will be significant during President Trump’s presidency because his crypto working group investigates establishing a “national digital asset stockpile.” The state of Ohio positions itself to lead upcoming crypto recommendations.
The bill requires state agencies to accept cryptocurrency payments when taxpayers pay their taxes and fees and fines. The payments received by the state will be transformed into Bitcoin before being added to the reserve fund.
The fund allows Bitcoin donations from both residents and universities through a recognition system for substantial contributors. The proposal emerges as Ohio becomes one of multiple U.S. states that are establishing crypto investment legislation.
Derek Merrin from the Ohio House Republican leadership introduced HB 703 during December to provide the state treasurer with Bitcoin allocation freedom for reserve fund purposes. Utah joins Arizona among other states that actively pursue crypto-related legislation.
The state of Ohio seeks to lead the way in cryptocurrency adoption as other states adopt this emerging financial technology.
Also Read: Ohio Introduces Bitcoin Reserve Bill to Buy BTC For Reserve
