YEREVAN (CoinChapter.com) – Ohio Senator Sandra O’Brien introduced Senate Bill 57 (SB57) on January 28, with the aim of establishing an Ohio Bitcoin Reserve Fund. The bill, which was referred to the Financial Institutions, Insurance, and Technology Committee on January 29, would allow the state treasurer to exclusively invest state funds in Bitcoin, excluding all other cryptocurrencies.
According to the bill, Bitcoin holdings must be retained for a minimum of five years, and secure custody solutions for the storage of digital assets must be mandated. O’Brien emphasized the need for Ohio to take the lead in adopting Bitcoin.
Former President Donald Trump signed an executive order on January 23 to create a crypto working group, which will study potential policies regarding digital assets, including the concept of a “national digital asset stockpile.” O’Brien connected her proposal to this initiative, stating that Ohio will be prepared when the working group issues its recommendations.
The bill also includes a provision requiring state agencies, universities, and government entities to accept Bitcoin and other cryptocurrencies as payment for taxes, fees, fines, and government charges. However, all received funds must be converted to Bitcoin and transferred to the Ohio Bitcoin Reserve Fund. Additionally, the bill would enable Ohio residents, state agencies, and universities to donate Bitcoin to the reserve, with the state treasurer having the authority to create a recognition program for significant contributors.
SB57 follows a similar bill introduced in December 2023 by Ohio House Republican Leader Derek Merrin. His proposal, House Bill 703 (HB703), also aimed to grant the state treasurer the ability to invest in Bitcoin. Merrin stated at the time that the US dollar was rapidly devaluing and that the state treasurer should have the flexibility to invest in Bitcoin for proper asset allocation.
In September 2023, Ohio Senator Niraj Antani introduced another bill that would allow the state to accept cryptocurrency for tax and fee payments. These efforts demonstrate Ohio’s growing interest in utilizing Bitcoin for its state financial operations.
Ohio is one of twelve US states that have proposed legislation to enable state treasuries to hold Bitcoin. Currently, Arizona and Utah have Bitcoin reserve bills in progress. In January 2024, a Utah House committee passed a bill permitting the state to invest public funds in Bitcoin. More states are considering Bitcoin investment strategies as part of their financial policies.
The discussion of state-controlled Bitcoin reserves is gaining support in several US states, with lawmakers evaluating how Bitcoin investments can be integrated into their financial strategies. According to the Bitcoin Reserve Monitor, more states are reviewing similar proposals, indicating an increasing focus on Bitcoin as a potential asset for state treasuries.