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In summary
- Ohio proposed the Bitcoin Reserve Act to allow the state to invest public funds in BTC and protect them from inflation.
- Derek Merrin highlighted that Bitcoin could preserve the value of state funds in the face of the erosion of the US dollar.
- The legislation seeks to lay the groundwork for it to be discussed in the next session in 2025, following similar initiatives from Texas and Pennsylvania.
Ohio State Representative Derek Merrin is following in the footsteps of other representatives in the United States, introducing a bill that would authorize the state treasury to invest public funds in Bitcoin.
House Bill 703, known as the Ohio Bitcoin Reserve Act, would establish a dedicated Bitcoin fund within the state treasury while investing the State Treasurer with discretion to purchase the Cryptocurrency.
“The U.S. dollar is rapidly devaluing, and our State Treasurer should have the authority and flexibility to invest in Bitcoin by determining appropriate asset allocation,” Merrin said in a statement posted on X. “Ohio must embrace the technology and protect the erosion tax dollars.”
The bill amends section 2981.12 and enacts section 135.146 of the Ohio Revised Code, but does not require specific Bitcoin purchases or portfolio allocations.
“Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value,” Merrin stated, arguing that through legislation, Ohio’s state government could “harness the power of Bitcoin” to strengthen its finances. state.
The Ohio representative said he anticipates the incoming Trump administration will pursue a national Bitcoin reserve program, referencing a proposal from Senator Cynthia Lummis of Wyoming.
The introduction of the bill comes as the current legislative session nears its end. Merrin hopes the legislation will serve as a framework for lawmakers to address in the next session in 2025.
A state strategy
Ohio joins a growing list of other U.S. State Representatives introducing similar legislation.
In November 2024, Representative Mike Cabell introduced the Pennsylvania Strategic Bitcoin Reserve Act, proposing that up to 10% of the state’s treasury reserves be allocated to Bitcoin as a hedge against inflation.
Shortly after, Texas followed suit. Representative Giovanni Capriglione introduced House Bill 1598 on December 12, with the goal of creating a strategic Bitcoin reserve funded through donations. The bill also seeks to authorize state agencies to accept Bitcoin as a form of payment, including taxes and fees.
In October, a separate tax bill was proposed by Ohio State Senator Niraj Antani to accept Bitcoin and other cryptocurrencies as payment.
Edited by Sebastian Sinclair
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