Ohio's House Technology and Innovation Committee unanimously passed House Bill 116, known as the 'Bitcoin Rights' bill, with a 13-0 vote, highlighting the state's ambition to lead in cryptocurrency and blockchain technology.
Introduction to Bill HB 116
The bill, introduced by Republican Representative Steve Demetriou, is part of a growing national trend to protect the rights of digital asset holders. It now heads to the full Ohio House of Representatives for debate and a vote.
Protection of Self-Custody and User Rights
The bill protects the rights of residents and companies in Ohio to run blockchain nodes and mine virtual currencies, which are essential to operating decentralized systems like Bitcoin and Ethereum.
Support and Criticism of the Bill
HB 116 still needs approval from the full state legislature and the governor's signature, but its unanimous committee vote shows strong bipartisan support for crypto policy in Ohio. Critics warn that the bill could create regulatory gaps and raise consumer protection concerns.
The passage of HB 116 underscores Ohio's efforts to attract blockchain-based businesses and create a more favorable environment for cryptocurrency users. Despite existing concerns, legislative support suggests the state's potential significance in the digital economy.
