Ohio is pushing forward with a proposal to establish a Bitcoin Reserve Fund, introducing Senate Bill 57 to authorize the state treasurer to invest public funds exclusively in BTC.
State Bitcoin Reserve Proposal
Introduced by Senator Sandra O’Brien, the bill demands that Bitcoin holdings remain securely stored for at least five years. Ohio’s treasury will oversee asset management using approved custody solutions. The legislation also requires state agencies to accept BTC as payment for taxes, fines, and other fees. Any digital asset received by the government will be converted into Bitcoin and added to the reserve. Ohio residents, government agencies, and universities can donate Bitcoin to the reserve fund. A recognition program will be implemented to honor significant contributions. Senator O’Brien stated that the bill aligns with efforts to integrate digital assets into state financial strategies.
Related Legislative Efforts
House Republican leader Derek Merrin introduced a similar proposal in December with HB 703, authorizing the state treasurer to allocate Bitcoin to a reserve fund. Merrin argued that Bitcoin could serve as a hedge against the declining value of the U.S. dollar. Other U.S. states are considering similar cryptocurrency legislation. On January 28, Arizona became the first state to approve a strategic Bitcoin reserve bill, authorizing public funds to invest up to 10% in virtual currencies.
Bitcoin continues to gain state-level interest as more U.S. states explore legislative measures to utilize Bitcoin as a strategic asset.
