Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.
The proposed legislation, dubbed the Ohio Bitcoin Reserve Act (HB 703), would grant the state treasurer the authority, but not the obligation, to purchase Bitcoin as part of a “proper asset allocation” strategy.
The US Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,” Merrin said in a statement on 17 December 2024.
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Legislation Will Not Have Enough Time to Pass
The bill’s timing, however, poses a logistical challenge. Introduced just two weeks before the 135th General Assembly’s adjournment on 31 December 2024, the legislation will not have sufficient time to pass.
As a result, Merrin aims to reintroduce it in the 136th General Assembly, which begins on 6 January 2025, and runs for two years. Bills that fail to pass before the end of a legislative session are required to be refiled in the next session.
Merrin, a vocal supporter of cryptocurrency, has expressed confidence that the proposal will gain traction next year.
“Bitcoin is revolutionizing finance and will reshape world economies. We must have sound money — it’s like digital property rights for everyone who owns it. This legislative sets up the framework for Ohio’s state government to harness the power of Bitcoin and strengthen our state finances.”
Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!
Provides state treasurer authority & flexibility to invest in #Bitcoin
This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd
— Derek Merrin (@DerekMerrin) December 17, 2024
This isn’t Merrin’s first foray into crypto advocacy. He has previously described himself as a “strong defender of crypto” and holds a top-tier “A” rating from Coinbase’s lobbying arm, Stand With Crypto.
In an August LinkedIn post, Merrin argued for a “21st century framework” to protect individuals’ rights to trade and conduct commerce using digital assets.
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More US States Propose Bitcoin Reserve Bill
Ohio’s initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves.
On 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.
Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.
The growing momentum around state-level Bitcoin reserve initiatives comes amid renewed interest in the idea of a federal Bitcoin reserve, a concept floated by former President Donald Trump following his re-election campaign.
Just recently, Trump hinted at plans for a US Bitcoin strategic reserve akin to the nation’s strategic oil reserve. Speaking to CNBC, Trump declared, “We’re going to do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head.”
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The post Ohio Lawmaker Proposes Bitcoin Reserve Bill, Becomes Third State To Do So This Month appeared first on 99Bitcoins.
