Ohio lawmaker introduces Bitcoin reserve bill allowing state to buy BTC

As a seasoned crypto investor with a keen eye for emerging trends and a knack for spotting potential, I find the recent wave of Bitcoin fund establishment by US states intriguing. Having weathered multiple market cycles, I can attest to the resilience and potential of cryptocurrencies like Bitcoin.

A representative from Ohio has proposed a bill to create a Bitcoin investment fund within the state’s financial reserves, making Ohio the third U.S. state to consider such a move in less than a month.

As an analyst, I am sharing that on December 17th, Ohio House Republicans leader Derek Merrin unveiled HB 703, provisionally called the Ohio Bitcoin Reserve Act. This proposed legislation would empower the state treasurer to invest in Bitcoin, a move considered part of “sound asset allocation.” However, it’s important to note that this act does not compel but only allows such an investment.

Merrin stated that due to the rapid loss of value in the US Dollar, our State Treasurer should be allowed to make decisions about investing in Bitcoin as part of strategic asset allocation. To keep pace with technological advancements and safeguard taxpayer money, Ohio needs to adapt.

Merrin expressed his expectation that the bill will serve as a blueprint for Ohio’s upcoming legislative session since it was introduced mere two weeks prior to the conclusion of the 135th General Assembly, which is set to dissolve on December 31st.

The proposed legislation must be submitted anew during the 136th General Assembly, which commences on January 6, 2025, and continues for two years, because any bills that aren’t passed before the conclusion of the current term expire and do not move forward to the next legislative session.

Merrin said he hopes the bill will “pave the way for legislators to address it quickly next year.”

Bitcoin is transforming finance and could redefine global economies. It’s crucial that we have a reliable form of currency, akin to digital property ownership for all its holders. This proposal outlines how Ohio’s government can leverage Bitcoin to enhance our financial system.” He continued.

Previously, Derek Merrin has openly identified as a staunch supporter of cryptocurrencies, and he’s been given a prestigious “A” grade by Coinbase’s advocacy group, Stand With Crypto.

On August 5th, Derek emphasized the importance of establishing a modern system of protection for an individual’s ability to own, exchange, and engage in commercial activities involving digital assets, via LinkedIn.

After Donald Trump’s victory in the 2016 Presidential election, both Texas and Pennsylvania have proposed identical bills to create their own Bitcoin reserves. Interestingly, Trump himself had previously suggested the creation of a national Bitcoin reserve as well.

On December 12th, Texas House Representative Giovanni Capriglione put forward the “Texas Strategic Bitcoin Reserve Act.” This proposal suggests that the state’s comptroller should keep Bitcoin as a long-term reserve asset for at least five years.

Approximately a month ago, on November 12, Representative Mike Cabell from Pennsylvania’s House proposed a bill allowing their treasury to invest up to 10% of its assets in Bitcoin. He argued that Bitcoin could provide a hedge for “ensuring stability during economically turbulent periods.

2024-12-18 03:24

Ohio lawmaker introduces Bitcoin reserve bill allowing state to buy BTC

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