The post Ohio Pushes Ahead with Bitcoin Reserve Fund Legislation appeared on BitcoinEthereumNews.com.

Ohio Senator Sandra O’Brien proposes a bill to establish a state Bitcoin reserve. The bill requires Bitcoin investments to be held for at least five years. The proposal includes accepting Bitcoin for government payments and donations. Ohio is advancing a proposal to establish a “Bitcoin Reserve Fund.” Senator Sandra O’Brien introduced Senate Bill 57, which aims to authorize the state treasurer to invest public funds exclusively in Bitcoin (BTC). The bill was referred to the Financial Institutions, Insurance, and Technology Committee the day after its introduction, on January 28. I just introduced legislation to create an Ohio Bitcoin Reserve Fund. The crypto world is here, and Ohio needs to be a leader. Crypto will be a major part of President Trump’s term. When his working group issues recommendations, Ohio will be ready. — State Senator Sandra O’Brien (@OBrienOH32) January 28, 2025 State Bitcoin Reserve Proposal If passed, the bill will require Bitcoin holdings to be stored securely for at least five years. Ohio’s treasury will manage these assets using approved custody solutions. Beyond investments, the bill mandates state agencies to accept Bitcoin for various payments. Residents will be able to use Bitcoin for taxes, fines, and other fees. Any received cryptocurrency will be converted into Bitcoin and stored in the reserve. The proposal allows Ohio residents, government agencies, and universities to donate Bitcoin to the fund. It also includes a recognition program to honor significant contributions. O’Brien has emphasized the importance of embracing digital assets, stating that Ohio must lead in cryptocurrency adoption. Furthermore, O’Brien noted that growing interest in cryptocurrency at the federal level could influence state policies. She referenced former President Donald Trump’s recent executive order, which created a working group to evaluate a potential national digital asset reserve. A similar effort was introduced in December by House…

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Filed under: News - @ February 5, 2025 2:25 pm