Ohio Proposes Bill to Establish Bitcoin Fund in State Treasury

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 to propose such a move in just over a month.

Ohio could become the third U.S. state to propose the establishment of a Bitcoin fund in the state treasury.

The bill, introduced by Ohio House Republican leader Derek Merrin, would give the state treasurer the authority to purchase Bitcoin as part of the state's asset allocation strategy.

The bill, HB 703, is called the Ohio Bitcoin Reserve Act. It 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 said the bill is designed to protect Ohio tax dollars from the rapidly devaluing U.S. dollar and to help the state embrace technology.

“Ohio must embrace technology and protect tax dollars from eroding,” Merrin said.

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,” Merrin said.

With the growing momentum behind state-level Bitcoin reserves, the U.S. may be seeing a shift in how governments approach digital currencies.