{"id":52997,"date":"2025-02-05T03:47:34","date_gmt":"2025-02-05T03:47:34","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=52997"},"modified":"2025-02-05T03:51:57","modified_gmt":"2025-02-05T03:51:57","slug":"ohio-senator-introduces-states-second-bitcoin-reserve-bill","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52997","title":{"rendered":"Ohio Senator introduces state\u2019s second Bitcoin reserve bill"},"content":{"rendered":"

Ohio Senator Sandra O\u2019Brien wants to allow the state\u2019s treasurer to invest in Bitcoin \u2014 but no other cryptocurrency \u2014 to create the \u201cOhio Bitcoin Reserve Fund.\u201d<\/p>\n

An Ohio lawmaker has introduced a second bill to allow the state to invest in Bitcoin to create a local reserve of the cryptocurrency.<\/p>\n

Ohio Senate Bill 57,\u00a0referred to the Financial Institutions, Insurance, and Technology Committee on Jan. 29, authorizes the state\u2019s treasurer to invest state funds solely into Bitcoin to create an \u201cOhio Bitcoin Reserve Fund.\u201d<\/p>\n

It requires BTC investments to be held for at least 5 years and mandates secure custody solutions for holding the asset.\u00a0<\/p>\n

Ohio Senator Sandra O\u2019Brien introduced the bill on Jan. 28 and\u00a0wrote\u00a0to X that \u201cthe crypto world is here, and Ohio needs to be a leader.\u201d<\/p>\n

\u201cCrypto will be a major part of President Trump\u2019s term. When his working group issues recommendations, Ohio will be ready,\u201d she added.<\/p>\n

Donald Trump signed\u00a0an executive order\u00a0on Jan. 23 that established a crypto working group to evaluate, among other things, potentially creating a \u201cnational digital asset stockpile.\u201d<\/p>\n

The Ohio bill also\u00a0requires\u00a0state entities and government agencies to accept crypto for payments, including taxes, fees, fines, and other government charges. It also stipulates that when agencies receive cryptocurrency, they must convert it to Bitcoin and transfer it to the reserve.<\/p>\n

It also establishes a process for Ohio residents, state agencies and state universities to donate BTC to the fund and allows the treasurer to create a recognition program for significant donors.<\/p>\n

\"Investments\"
\n

An excerpt of Ohio Senate Bill 57. Source:\u00a0<\/em>Ohio Legislature<\/em><\/p>\n<\/figcaption><\/figure>\n

SB57 is one of many Bitcoin-related bills to be proposed in the state. In December, Ohio House Republican leader Derek Merrin\u00a0introduced\u00a0HB 703, the Ohio Bitcoin Reserve Act, which would give the state Treasurer the option to allocate BTC to a reserve fund.\u00a0<\/p>\n

\u201cThe US dollar is being rapidly devalued, and our state Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,\u201d Merrin said at the time.<\/p>\n

In September, Ohio Senator Niraj Antani\u00a0introduced\u00a0a bill allowing the state to accept crypto for payment of taxes and fees.\u00a0<\/p>\n

Related:\u00a0<\/strong><\/em>Utah could be first US state to pass Bitcoin reserve bill: Satoshi Action Fund<\/strong><\/em><\/p>\n

The number of US states proposing crypto investment bills is adding up. In late January, a Utah House committee\u00a0passed a bill\u00a0that would allow the state to invest a portion of public funds into crypto.<\/p>\n

Ohio is among twelve US states that have proposed bills giving their local treasuries permission to buy crypto assets, and two more \u2014 Arizona and Utah \u2014 have bills that are in progress,\u00a0according\u00a0to Bitcoin Reserve Monitor.<\/p>\n

\"Investments\"
\n

US SBR status by state. Source: Bitcoin Reserve Monitor\u00a0<\/em><\/p>\n<\/figcaption><\/figure>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ohio Senator Sandra O\u2019Brien wants to allow the state\u2019s treasurer to invest in Bitcoin \u2014 but no other cryptocurrency \u2014 to create the \u201cOhio Bitcoin Reserve Fund.\u201d An Ohio lawmaker has introduced a second bill … Ohio Senator introduces state\u2019s second Bitcoin reserve bill<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52999,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reviews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nOhio Senator introduces state\u2019s second Bitcoin reserve bill - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52997\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ohio Senator introduces state\u2019s second Bitcoin reserve bill - 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