Ohio is stepping up in a big way when it comes to cryptocurrency. A new bill, introduced by Senator Sandra O’Brien, could make the state one of the first in the U.S. to create a Bitcoin reserve.
What exactly does this mean? Let’s dive in.
Introduced on January 28, Senate Bill 57 was quickly referred to the Financial Institutions, Insurance, and Technology Committee. The bill aims to establish the “Ohio Bitcoin Reserve Fund,” allowing the state to invest public funds exclusively in Bitcoin.
These holdings would be securely stored for at least five years, ensuring the funds remain safe while the state embraces the digital asset.
It’s time to take the lead!
Senator O’Brien believes that Ohio must take a leadership role in crypto adoption. She emphasized on social media that “the crypto world is here, and Ohio needs to be a leader.”
She also noted that with President Donald Trump’s growing interest in digital assets, Ohio must be prepared for potential federal-level crypto policies.
The bill doesn’t stop at just investing in Bitcoin. It also proposes that Ohio state agencies and government entities accept Bitcoin for payments, including taxes, fees, and fines. Once received, the funds will be converted into Bitcoin and stored in the reserve.
Additionally, Ohio residents, state agencies, and universities will have the option to donate Bitcoin to the fund.
The bill even suggests creating a recognition program to honor major contributors, further encouraging Bitcoin adoption at the state level.
This isn’t Ohio’s first attempt to embrace Bitcoin. In December, Ohio House Republican leader Derek Merrin introduced a similar bill, HB 703, which would give the state treasurer the option to allocate Bitcoin to a reserve fund, Merrin argued that the devaluation of the U.S. dollar makes it essential for states to explore alternative assets like Bitcoin.
Ohio isn’t the only state pushing for crypto adoption. Across the U.S., other states like Utah and Arizona are also advancing bills to allow public funds to be invested in cryptocurrencies.
In total, more than twelve U.S. states are considering legislation to allow Bitcoin reserves.
Big announcement coming from the Pi Network. On the occasion of Pi2day, Pi Network has…
The Ripple vs SEC is finally on the cusp of wrapping up, with a recent…
The U.S. Senate just gave the green light to President Trump’s widely discussed tax and…
It’s starting to feel like something big is coming for XRP. After months of sideways…
The broader crypto market is holding steady going into the final days of June, with…
Pi Network, once seen as a quiet underdog, is now facing one of its biggest…
