Ohio State Consultant Derek Merrin is following within the footsteps of different representatives throughout the U.S., bringing ahead a invoice that will authorize the state’s treasury to speculate public funds in Bitcoin.
Home Invoice 703, often called the Ohio Bitcoin Reserve Act, would set up a devoted Bitcoin fund inside the state treasury whereas investing the State Treasurer with discretionary energy to buy the crypto.
"The U.S. 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 mentioned in a assertion posted to X. "Ohio must embrace technology and protect tax dollars from eroding."
The invoice amends part 2981.12 and enacts part 135.146 of Ohio's Revised Code however doesn’t mandate any particular Bitcoin purchases or portfolio allocations.
"Bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value," Merrin said, arguing that via the laws, the Ohio state authorities may "harness the power of Bitcoin" to strengthen its state funds.
The Ohio consultant mentioned he anticipates the incoming Trump administration will pursue a nationwide Bitcoin reserve program, referencing a proposal by Senator Cynthia Lummis of Wyoming.
The invoice's introduction comes as the present legislative session nears its finish. Merrin expects the laws to function a framework for lawmakers to handle within the upcoming session in 2025.
A state technique
Ohio joins a rising record of different U.S. State Representatives placing forth related laws.
In November 2024, Consultant Mike Cabell launched the Pennsylvania Bitcoin Strategic Reserve Act, proposing that as much as 10% of the state's treasury reserves be allotted to Bitcoin as a hedge in opposition to inflation.
Shortly after, Texas adopted go well with. Consultant Giovanni Capriglione filed Home Invoice 1598 On December 12, aiming to create a strategic Bitcoin reserve funded via donations. The invoice additionally seeks to authorize state businesses to just accept Bitcoin for funds, together with taxes and charges.
In October, a separate tax invoice was proposed by Ohio State Senator Niraj Antani to just accept Bitcoin and different crypto as cost.
Edited by Sebastian Sinclair