Ohio is taking a bold step toward Bitcoin adoption. State Representative Derek Merrin has proposed new legislation, called House Bill 703, to allow the state treasury to invest in Bitcoin.
If passed, the bill will create a Bitcoin reserves fund within the state treasury. This will give Ohio the legal framework to buy and hold Bitcoin, though it doesn’t force any immediate investment.
Merrin announced the bill on December 17, 2024, calling it the “Ohio Bitcoin Reserve Act.” He said Bitcoin could help protect Ohio’s finances as the U.S. dollar loses value. “Bitcoin is like digital property rights,” Merrin said. He added that it was time for Ohio to embrace technology and strengthen its finances “with sound money.”
🚨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
Bitcoin to Strengthen State Finances
Merrin wrote on X , “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 state finances. As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value.”
Ohio could join states like Texas and Pennsylvania, which already have plans for Bitcoin reserves. Pennsylvania may invest up to 10% of its General Fund in Bitcoin, while Texas recently allowed donations in BTC. Florida is also working on similar plans for early 2025. Other states, like Michigan and Wisconsin, are taking slower steps, focusing on Bitcoin ETFs instead.
BREAKING: Texas State Rep Giovanni Capriglione officially files for a Strategic #Bitcoin Reserve for the state of Texas 🇺🇸 pic.twitter.com/Xef1pxrQfT
— Bitcoin Magazine (@BitcoinMagazine) December 12, 2024
With the current legislative session ending soon, Ohio’s Bitcoin proposal might carry over into 2025. If passed, Ohio will position itself as a leader in innovation and crypto adoption. The Ohio Blockchain Council has praised the move, saying it could set the state up for long-term success.
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