Ohio Senator Sandra O’Brien has introduced a new bill aiming to allow the state to invest in Bitcoin, marking the second attempt to establish a Bitcoin reserve fund in Ohio.
Senate Bill 57, referred to the Financial Institutions, Insurance, and Technology Committee on January 29, proposes that the state treasurer be authorized to invest public funds exclusively in Bitcoin. The bill outlines the creation of the “Ohio Bitcoin Reserve Fund” and mandates that any Bitcoin investments be held for a minimum of five years, with strict security protocols for asset custody.
Senator O’Brien announced the bill on January 28 and expressed her enthusiasm for cryptocurrency in a post on X (formerly Twitter), stating, “The crypto world is here, and Ohio needs to be a leader.” She also highlighted the potential influence of former President Donald Trump’s administration, suggesting that “Crypto will be a major part of President Trump’s term. When his working group issues recommendations, Ohio will be ready.”
Trump recently signed an executive order on January 23 to establish a crypto working group tasked with evaluating the possibility of creating a “national digital asset stockpile.”
Key Provisions of Senate Bill 57
- Exclusive Bitcoin Investment: The bill limits investments to Bitcoin, excluding all other cryptocurrencies.
- Mandatory Holding Period: Bitcoin must be held for at least five years to build a stable reserve.
- Secure Custody Solutions: The state must use robust security measures to store Bitcoin holdings.
- Crypto Payments for State Services: State agencies would be required to accept cryptocurrency for taxes, fees, fines, and other payments. Upon receipt, all cryptocurrencies would be converted to Bitcoin and added to the reserve.
- Donation Opportunities: Ohio residents, government agencies, and universities can donate Bitcoin to the reserve fund, with the treasurer authorized to establish a recognition program for significant contributors.
Growing Momentum for Bitcoin Legislation in Ohio
Senate Bill 57 follows House Bill 703, introduced in December by Ohio House Republican leader Derek Merrin. HB 703 also proposed creating a Bitcoin reserve fund, emphasizing Bitcoin as a hedge against the devaluation of the U.S. dollar. “Our state Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,” Merrin stated.
This isn’t Ohio’s first step toward embracing crypto. In September, Senator Niraj Antani introduced a bill allowing the state to accept cryptocurrency for tax payments and government fees.
A National Trend Toward Crypto Investment
Ohio’s legislative efforts are part of a broader trend across the U.S. In late January, a Utah House committee approved a bill permitting the state to invest a portion of its public funds in cryptocurrency. According to Bitcoin Reserve Monitor, Ohio is one of twelve states that have introduced bills to allow treasury investments in crypto assets. Additionally, Arizona and Utah have similar bills currently in progress.
