Ohio Lawmakers Push for State Bitcoin Reserve and Cryptocurrency Payments

• Ohio plans to create a Bitcoin reserve fund managed by the state treasurer.
• The bill requires Bitcoin investments to be held for at least five years.
• Ohio aims to lead the nation in government-backed Bitcoin initiatives.

Ohio is advancing plans to create a Bitcoin reserve fund. Senate Bill 57 introduced by Senator Sandra O’Brien on January 28 grants authority to the state treasurer to invest public funds exclusively into Bitcoin. The proposal moved to the Financial Institutions, Insurance, and Technology Committee for additional evaluation the day after its introduction. The proposed law would mandate that all Bitcoin investments stay in the fund for at least five years. 

The proposal mandates Ohio’s treasury oversee Bitcoin investments through secure safekeeping systems. The law also requires state agencies to receive Bitcoin as payment for taxes, fines and other government fees. All cryptocurrency payments that state agencies receive will be converted to Bitcoin before being deposited into the reserve. 

Under the bill’s provisions Ohio residents, government bodies and universities can contribute Bitcoin donations to the fund. 

Ohio has explored cryptocurrency adoption in the past. In December, House Republican leader Derek Merrin introduced House Bill 703 to support Bitcoin investments in state reserves. 

Additionally, state senator Niraj Antani proposed a bill to enable tax and fee payments using cryptocurrency. The latest Bitcoin reserve bill builds on these earlier efforts, introducing a structured approach for state-level Bitcoin investment and storage. 

The initiative aligns with federal discussions on digital asset adoption. President Donald Trump’s executive order called for research into a national digital asset reserve. Ohio lawmakers view these federal developments as potential catalysts for state policy adjustments. The bill seeks to position Ohio as a leader in government-backed Bitcoin initiatives. 

Several other U.S. states are also considering Bitcoin reserve legislation. Utah, Arizona, and South Dakota have introduced similar bills. Utah’s House committee approved a bill allowing treasury funds to include digital assets. 

Texas passed the Texas Strategic Bitcoin Reserve Act, requiring the state to hold Bitcoin as a reserve asset for at least five years. On January 28, Arizona’s Senate approved its own Bitcoin reserve bill, permitting public funds to invest up to 10% of assets in virtual currencies. 

According to Bitcoin Reserve Monitor, at least twelve states have proposed legislation for Bitcoin reserves. The increasing interest in state Bitcoin holdings reflects a broader trend of cryptocurrency adoption at the government level. Ohio’s new proposal could establish the state as a key player in this movement.

Tags:Bitcoin Reserve Crypto market cryptocurrency Donald Trump Ohio Sandra O’Brien Texas