Ohio Legislator Introduces New Bill to Establish State Bitcoin Reserve

An Ohio state senator has introduced a second bill aimed at establishing a Bitcoin reserve fund, positioning the state as a leader in cryptocurrency adoption.

Senate Bill 57 (SB 57), presented by Senator Sandra O’Brien on January 28, was assigned to the Financial Institutions, Insurance, and Technology Committee the following day.

The proposed legislation would permit the state treasurer to invest public funds solely in Bitcoin (BTC) to create an “Ohio Bitcoin Reserve Fund.”

Bill Requires Any BTC Acquired to be Held for 5 Years

The bill stipulates that any BTC obtained must be retained for a minimum of five years and stored securely using appropriate custody solutions.

O’Brien, supporting the initiative, highlighted Ohio’s need to remain at the forefront of the evolving digital asset landscape.

“The crypto world is here, and Ohio must be a leader,” she stated on X, formerly known as Twitter.

She also pointed out that cryptocurrency is anticipated to play a significant role in former President Donald Trump’s potential second term, referencing his recent executive order to explore a national digital asset reserve.

I just introduced legislation to create an Ohio Bitcoin Reserve Fund. The crypto world is here, and Ohio must be a leader. Crypto could 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

In addition to establishing a Bitcoin fund, SB 57 would also mandate state agencies to accept cryptocurrency for tax payments, fines, fees, and other governmental transactions.

Any cryptocurrency received would be converted into Bitcoin and allocated to the reserve.

The bill further details a framework allowing Ohio residents, government entities, and state universities to donate BTC, with a recognition program set up for significant contributors.

SB 57 is the latest in a series of Bitcoin-related initiatives in Ohio. In December, House Republican leader Derek Merrin introduced HB 703, the Ohio Bitcoin Reserve Act, which aimed to grant the state treasurer the authority to allocate Bitcoin within state reserves.

Merrin contended that Bitcoin could serve as a safeguard against the depreciating value of the U.S. dollar.

Ohio is among a growing number of U.S. states advocating for cryptocurrency adoption.

In September, Senator Niraj Antani introduced a bill allowing Ohio to accept cryptocurrency for tax and fee payments.

More recently, in late January, a Utah House committee advanced legislation permitting the state to invest a portion of public funds into digital assets.

According to Bitcoin Reserve Monitor, at least twelve states have introduced bills to enable cryptocurrency investment within their treasuries, with Arizona and Utah among those with pending legislation.

New Hampshire and North Dakota Latest U.S. States to Propose Bitcoin Reserves

New Hampshire and North Dakota have proposed legislation to establish strategic Bitcoin reserves, reflecting a growing trend among U.S. states to diversify their treasuries with cryptocurrency.

Previously, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which suggests that the state comptroller hold Bitcoin as a reserve asset for at least five years.

Pennsylvania took a similar action in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.

Additionally, corporate Bitcoin holders like MicroStrategy and Metaplanet have increased their Bitcoin holdings.

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