An Ohio House of Representatives member has introduced a bill to establish a Bitcoin fund in the state’s treasury, marking the third US state to do so in just over a month.
Ohio House Republican leader Derek Merrin on Dec. 17 introduced HB 703, tentatively titled the Ohio Bitcoin Reserve Act, which would give the state treasurer authority to purchase Bitcoin as part of “proper asset allocation,” though it would not require it.
“The U.S. 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. “Ohio must embrace technology and protect tax dollars from eroding.”
Source: Derek Merrin
Merrin said he anticipates the bill will be used as a framework in Ohio’s next legislative session, as it was introduced just two weeks before the end of the 135th General Assembly, scheduled to adjourn on Dec. 31.
The bill must be re-introduced in the 136th General Assembly, which will start Jan. 6, 2025, and last two years. Bills not enacted before the end of the current session “die” and are not carried over to the next.
Merrin said he hopes the bill will “pave the way for legislators to address it quickly 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,” he said.
Derek Merrin has labeled himself a “strong defender of crypto” and holds a top-level “A” rating from the Coinbase-supported crypto advocacy organization Stand With Crypto.
In an Aug. 5 post on LinkedIn, Merrin stressed the need for a “21st century framework that protects individuals right to possess, trade, and conduct commerce with digital assets.”
Merrin compared himself to his opponent in the battle for Ohio’s 9th Congressional District, which he ultimately lost. Source: LinkedIn
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Texas and Pennsylvania have introduced similar legislation to establish Bitcoin reserves since Donald Trump’s presidential election victory in November. Trump has floated the idea of a federal Bitcoin reserve.
On Dec. 12, Texas House Rep. Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, proposing the state’s comptroller hold Bitcoin as a reserve asset for at least five years.
A month earlier, on Nov. 12, Pennsylvania House Rep. Mike Cabell proposed a bill permitting its treasury to hold up to 10% in Bitcoin on its balance sheet, claiming Bitcoin could be used as a hedge to “offer stability in uncertain economic times.”
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