An Ohio legislator has proposed a bill to create a Bitcoin fund within the state treasury, making Ohio the third U.S. state to pursue such an initiative in a little over a month.
Ohio House Republican leader Derek Merrin introduced HB 703, also known as the Ohio Bitcoin Reserve Act, on December 17. The bill would allow the state treasurer to invest in Bitcoin as part of a diversified asset portfolio, though it does not mandate such investments.
“The U.S. Dollar is losing value at a rapid pace, and our State Treasurer needs the authority and flexibility to invest in Bitcoin to ensure proper asset allocation,” Merrin said. “Ohio must embrace technological breakthroughs while protecting taxpayer cash from depreciation.”
🚨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
Merrin sees the bill as a starting point for Ohio’s next legislative session since the current session of the 135th General Assembly is scheduled for December 31. Bills not enacted by the end of the session expire and must be reintroduced. Merrin intends to reintroduce the bill in the 136th General Assembly, which begins on January 6, 2025, with hopes for swift legislative action.
“Bitcoin is transforming finance and global economies,” Merrin added. “We require sound money, and Bitcoin grants digital property rights to all owners. This bill creates a foundation for Ohio to leverage Bitcoin’s potential to strengthen state finances.”
A self-proclaimed advocate for cryptocurrency, Merrin has earned an “A” rating from Coinbase’s Stand With Crypto initiative. On August 5, he emphasized the importance of a “modern framework that protects individuals’ rights to own, trade, and use digital assets” in a LinkedIn post.
