- Senate Bill 57 seeks to authorize the state treasurer to invest public funds exclusively in Bitcoin.
- Arizona became the first state to approve a Bitcoin reserve bill, with at least twelve U.S. states exploring similar measures.
- President Trump’s executive order on digital assets could impact state-level Bitcoin reserve policies.
Ohio is pushing forward with a proposal to establish a Bitcoin Reserve Fund. Senate Bill 57, introduced by Senator Sandra O’Brien, seeks to allow the state treasurer to invest public funds just in BTC. One day after its preface, the bill was sent to the Financial Institutions, Insurance, and Technology Committee for consideration on January 28.
State Bitcoin Reserve Proposal
If passed, the bill will demand that Bitcoin holdings remain securely stored for at least five years. Ohio’s treasury will oversee asset management using approved custody solutions. The legislation also requires state agencies to accept BTC as payment for taxes, fines, and other fees. Any digital asset the government receives will be recast into Bitcoin and added to the reserve.
The proposal allows Ohio residents, government agencies, and universities to donate Bitcoin to the reserve fund. A recognition program will be implemented to honor significant contributions. Senator O’Brien stated that the bill aligns with efforts to integrate digital assets into state financial strategies, positioning Ohio as a leader in cryptocurrency adoption.
O’Brien also referenced ongoing federal interest in digital assets. She pointed to President Donald Trump’s executive order, which established a working group to evaluate the feasibility of a national digital asset reserve. She noted that such federal discussions could influence state-level adoption of Bitcoin reserves.
Related Legislative Efforts
House Republican leader Derek Merrin introduced a similar proposal in December. His bill, HB 703, sought to authorize the state treasurer to allocate Bitcoin to a reserve fund. Merrin argued that Bitcoin could serve as a hedge against the declining value of the U.S. dollar.
Other U.S. states are considering similar cryptocurrency legislation. On January 28, Arizona became the first state to approve a strategic Bitcoin reserve bill. The Arizona Senate panel authorized public funds to invest up to 10% of their assets in virtual currencies.
At least twelve U.S. states have introduced legislation to establish Bitcoin reserves. Texas and South Dakota are among those evaluating Bitcoin’s potential role as a strategic financial asset.
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