Ohio Bitcoin Reserve Act Introduced by State Representative Derek Merrin

House Bill 703 would establish a state Bitcoin fund within the state treasury and grant the State Treasurer the option to purchase Bitcoin as part of asset management

MONCLOVA TOWNSHIP, Ohio, Dec. 17, 2024 /PRNewswire/ -- State Representative Derek Merrin today announced new legislation to position Ohio as a leader in cryptocurrency innovation. House Bill 703, the Ohio Bitcoin Reserve Act, would establish a state Bitcoin fund within the state treasury and grant the State Treasurer the option to purchase Bitcoin as part of asset management, though it would not mandate the purchase.

"The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation," said Merrin. "Ohio must embrace technology and protect tax dollars from eroding."

Merrin also points to a likely push from the incoming Trump administration to create a national Bitcoin reserve, similar to proposals such as one from Senator Cynthia Lummis (R-WY) intended to bolster America's balance sheet. Texas and Pennsylvania have introduced similar legislation to create state-level Bitcoin reserves.

"Bitcoin is revolutionizing finance and will reshape world economies," said Merrin. "We must have sound money – it's like digital property rights for everyone who owns it. This legislation sets up the framework for Ohio's state government to harness the power of Bitcoin to strengthen our state finances."

Andrew Burchwell, Executive Director of the Ohio Blockchain Council, supports the proposal, noting that other states like Texas, Pennsylvania, and Florida are exploring Bitcoin as a strategic reserve asset. "I applaud Representative Merrin for introducing this legislation to ensure Ohio is positioned as a leader in innovation and technology, and I look forward to working with the legislature in 2025 to ensure that Ohio makes the most of this opportunity."

With the legislative session nearing its end, Merrin sees this bill as a framework for further debate and hopes to expedite its progress in the next session. "We're setting the groundwork now to ensure Ohio is ready to adapt to the financial changes Bitcoin represents," he added.

As the conversation about cryptocurrency and state finances continues, Ohio is now set to join other states like Texas, Pennsylvania, and Wyoming in considering Bitcoin investments as a strategic hedge against economic volatility.