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 any other cryptocurrency.
The bill stipulates that Bitcoin holdings must be retained for a minimum of five years and requires the implementation of secure custody solutions for the storage of digital assets. O’Brien emphasized the importance of Ohio taking the lead in adopting Bitcoin.
Former President Donald Trump signed an executive order on January 23 to establish a crypto working group, which will study potential digital asset policies, including the idea 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 recommendations, as cryptocurrencies will be a significant part of President Trump’s term.
The bill also includes a provision that mandates state agencies, universities, and government entities to accept Bitcoin and other cryptocurrencies for taxes, fees, fines, and government charges. However, all received funds must be converted to Bitcoin and transferred to the Ohio Bitcoin Reserve Fund. Furthermore, the bill would enable Ohio residents, state agencies, and universities to donate Bitcoin to the reserve, and the state treasurer would have the authority to establish 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 the state treasurer should have the flexibility to invest in Bitcoin when determining 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, further demonstrating Ohio’s growing interest in utilizing Bitcoin for state financial operations.
Ohio is one of twelve US states that have proposed legislation to permit state treasuries to hold Bitcoin. Arizona and Utah currently have Bitcoin reserve bills in progress. In January 2024, a Utah House committee passed a bill that would enable 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 state financial strategies. The increasing number of states reviewing similar proposals, as reflected by the Bitcoin Reserve Monitor, indicates a growing focus on Bitcoin as a potential asset for state treasuries.
