Key Takeaways
- Ohio Senator Sandra O'Brien introduced SB57 to create a Bitcoin reserve fund.
- The bill mandates Bitcoin holdings for at least five years and requires state agencies to accept Bitcoin for payments.
- Ohio joins at least twelve US states proposing Bitcoin investment bills.
Ohio Senator Sandra O’Brien has introduced Senate Bill 57, which would permit the state treasurer to invest in Bitcoin exclusively, forming an “Ohio Bitcoin Reserve Fund.”
The bill was referred to the Financial Institutions, Insurance, and Technology Committee on Jan. 29.
Key requirements
The proposed legislation mandates that Bitcoin investments be held for a minimum of five years and requires secure custody measures for storage.
It also compels state entities and agencies to accept Bitcoin for payments, including taxes and fees, and convert all received digital assets into Bitcoin for transfer to the reserve.
Additionally, the bill allows Ohio residents, government agencies, and universities to donate Bitcoin to the fund, with a recognition program for significant donors.
Political support
Senator O’Brien emphasized Ohio’s need to be at the forefront of Bitcoin adoption, stating:
The crypto world is here, and Ohio needs to be a leader.
She also noted that Bitcoin will likely play a key role in former President Donald Trump’s policies, referencing his executive order on Jan. 23 to evaluate a national digital asset stockpile.
Previous efforts
This marks Ohio’s second Bitcoin-related reserve proposal.
In December, Ohio House Republican leader Derek Merrin introduced HB 703, which would also allow Bitcoin to be part of the state’s reserve assets.
Ohio joins at least twelve other states exploring similar legislation.
