Ohio Senator Introduces State’s Second Bitcoin Reserve Bill
Ohio Senator Sandra O'Brien has proposed Bill 57 that would allow the state to invest in Bitcoin to create an “ Ohio Bitcoin Reserve Fund .” The bill would require BTC to be held for at least five years with secure custody solutions. O'Brien stressed that Ohio needs to be a leader in the cryptocurrency space.
Ohio bill requires government agencies to accept cryptocurrency for payments and convert it into Bitcoin for storage.
Senator Sandra O'Brien stressed that Ohio will be ready when Trump's working group makes recommendations on cryptocurrencies. Trump previously signed an executive order evaluating the possibility of creating a national digital asset reserve.
SB57 is one of several Bitcoin bills in Ohio. In December, Rep. Derek Merrin introduced HB 703, which would empower the state treasurer to allocate BTC to a reserve fund to counter the devaluation of the USD. In September, Sen. Niraj Antani also introduced a bill that would allow the state to accept cryptocurrencies for tax and fee payments.
Several US states are proposing bills to invest in cryptocurrencies. In late January, the Utah House of Representatives passed a bill that would allow the state to invest public funds in cryptocurrencies. According to Bitcoin Reserve Monitor , Ohio is one of 12 states that have proposed legislation that would allow the treasury to purchase crypto assets, while Arizona and Utah are in the process of considering it.
