Ohio State Representative Derek Merrin is following in the footsteps of other representatives across the US in introducing legislation that would allow the state treasury to invest public funds in Bitcoin.
House Bill 703, known as the Ohio Bitcoin Reserve Act, would establish a dedicated bitcoin fund in the state treasury, investing in the state treasurer's power to buy crypto.
Merin b press release Posted in X “Ohio must keep tax dollars from eroding by embracing technology.”
The bill amends Section 2981.12 and amends Ohio Revised Code Section 135.146 but does not mandate any specific Bitcoin purchases or portfolio allocations.
“Bitcoin provides a vehicle to supplement our state's portfolio and protect public funds from loss of value,” Merrin said, arguing that Ohio's state government could “use the power of Bitcoin” to bolster state finances.
The Ohio representative said he expects the incoming Trump administration to pursue a national bitcoin reserve program, citing a proposal by Wyoming Sen. Cynthia Lammis.
The bill's introduction comes as the current legislative session draws to a close. Merrin expects the bill to serve as a framework for lawmakers to respond to in the upcoming 2025 session.
State strategy
Ohio joins a list of other US state legislatures enacting similar legislation.
In November 2024, Representative Mike Cabell introduced it Pennsylvania Bitcoin Strategic Reserve ActHe proposed that up to 10% of the state's treasury be allocated to Bitcoin to hedge against inflation.
Soon after Texas followed suit.. Representative Giovanni Caprileone introduced House Bill 1598 on December 12, aiming to create a strategic Bitcoin reserve backed by contributions. The bill wants to allow state agencies to accept Bitcoin for payments, including taxes and fees.
There was a separate tax bill in October. proposed that Ohio State Senator Niraj Antani to accept Bitcoin and other crypto as payment.
Edited by Sebastian Sinclair.
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