The post Ohio Lawmaker Proposes Bitcoin-Only Reserve Fund to Position State as Crypto Leader appeared on BitcoinEthereumNews.com.

Ohio is making strides in the cryptocurrency space as Senator Sandra O’Brien introduces a bill to establish a Bitcoin Reserve Fund for state investments. This initiative aims to position Ohio as a leader in the burgeoning crypto market, allowing the state to secure Bitcoin holdings while fostering innovative financial strategies. O’Brien noted, “the crypto world is here, and Ohio needs to be a leader,” emphasizing the potential of cryptocurrencies in government operations. Ohio Senator O’Brien’s bill for a Bitcoin Reserve Fund could set a precedent for state investments in crypto, promoting financial innovation and leadership. Ohio Senate Bill 57: Pioneering Bitcoin Investments in State Funds Senate Bill 57, introduced on January 28, 2023, seeks to empower Ohio’s treasurer to exclusively invest in Bitcoin (BTC) as part of a newly proposed “Ohio Bitcoin Reserve Fund.” This legislation mandates that these investments be held for a minimum of five years, ensuring a long-term commitment to digital currency assets. It also requires secure custody solutions, safeguarding the state’s investments against potential cybersecurity threats. Implications of the Bitcoin Reserve Fund for State Finances This proposed fund not only reflects a growing acceptance of cryptocurrencies within institutional finance but also addresses concerns about the devaluation of the US dollar. By allowing Bitcoin investments, Ohio aims to provide the state treasurer with greater flexibility in balancing asset allocations. According to Republican House leader Derek Merrin, “the US dollar is being rapidly devalued, and our state Treasurer should have the authority to invest in Bitcoin.” Broader Legislative Context of Cryptocurrency in Ohio Ohio’s initiative is part of a wider trend across the United States, where multiple states are exploring legislative frameworks to facilitate cryptocurrency investments. The Ohio bill coincides with similar legislative proposals, including a recent initiative in Utah that would similarly permit public fund allocations to…

---

Filed under: News - @ February 5, 2025 3:24 am