In December 2024, Ohio introduced a bill called the Ohio Bitcoin Reserve Act (HB 703), proposing the establishment of a Bitcoin fund within the state's treasury.
The Ohio Bitcoin Reserve Act
Introduced in December 2024, the bill grants the state treasurer the authority to purchase Bitcoin as part of Ohio's asset allocation strategy. The bill will serve as a foundation for the next legislative session, set to adjourn the 135th General Assembly in two weeks.
The Bill's Provisions and Potential Impact
The bill amends sections of Ohio’s Revised Code to create a dedicated Bitcoin fund within the state treasury. It does not force the state to make Bitcoin purchases but provides the State Treasurer with discretionary power to decide on integrating Bitcoin into its financial strategy.
A Growing Trend Across the U.S.
Ohio's move is part of a larger trend in the U.S. In November 2024, Pennsylvania introduced the Bitcoin Strategic Reserve Act, allocating up to 10% of the state's treasury to Bitcoin. Texas also joined the movement by proposing a strategic Bitcoin reserve through donations.
If passed, the bill could offer Ohio an alternative asset class to improve its fiscal position, signaling broader legitimacy for digital assets in the global economy.
