An Ohio state senator has launched a second invoice aimed toward making a Bitcoin reserve fund, positioning the state as a pacesetter in cryptocurrency adoption.
Senate Invoice 57 (SB 57), launched by Senator Sandra O’Brien on Jan. 28, was referred to the Monetary Establishments, Insurance coverage, and Expertise Committee a day later.
The proposed laws would enable the state treasurer to take a position public funds solely in Bitcoin (BTC) to ascertain an “Ohio Bitcoin Reserve Fund.”
Invoice Mandates Any BTC Acquired to be Held for 5 Years
The invoice mandates that any BTC acquired have to be held for at least 5 years and saved securely utilizing acceptable custody options.
O’Brien, advocating for the proposal, emphasised Ohio’s want to remain forward within the evolving digital asset house.
“The crypto world is right here, and Ohio must be a pacesetter,” she said on X, previously Twitter.
She additionally famous that cryptocurrency is anticipated to play a key position in former President Donald Trump’s potential second time period, referencing his latest govt order to discover a nationwide digital asset reserve.
I simply launched laws to create an Ohio Bitcoin Reserve Fund. The crypto world is right here, and Ohio must be a pacesetter. Crypto might be a significant a part of President Trump’s time period. When his working group points suggestions, Ohio might be prepared.
— State Senator Sandra O'Brien (@OBrienOH32) January 28, 2025
Past making a Bitcoin fund, SB 57 would additionally require state companies to simply accept cryptocurrency for tax funds, fines, charges, and different authorities transactions.
Any crypto acquired can be transformed into Bitcoin and allotted to the reserve.
The invoice additional outlines a system permitting Ohio residents, authorities our bodies, and state universities to donate BTC, with a recognition program established for vital contributors.
SB 57 is the most recent in a collection of Bitcoin-related proposals in Ohio. In December, Home Republican chief Derek Merrin launched HB 703, the Ohio Bitcoin Reserve Act, which sought to grant the state treasurer authority to allocate Bitcoin inside state reserves.
Merrin argued that Bitcoin might function a hedge towards the declining worth of the U.S. greenback.
Ohio is amongst a rising variety of U.S. states pushing for crypto adoption.
In September, Senator Niraj Antani launched a invoice permitting Ohio to simply accept cryptocurrency for tax and charge funds.
Extra not too long ago, in late January, a Utah Home committee superior laws allowing the state to take a position a portion of public funds into digital property.
In response to Bitcoin Reserve Monitor, not less than twelve states have launched payments to allow cryptocurrency funding inside their treasuries, with Arizona and Utah amongst these with pending laws.
New Hampshire and North Dakota Newest U.S. States to Suggest Bitcoin Reserves
New Hampshire and North Dakota have launched laws to ascertain strategic Bitcoin reserves, marking a rising pattern amongst U.S. states to diversify their treasuries with cryptocurrency.
Beforehand, Texas Consultant Giovanni Capriglione launched the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller maintain Bitcoin as a reserve asset for not less than 5 years.
Pennsylvania took the same step in November, with Consultant Mike Cabell proposing a invoice to permit its treasury to allocate as much as 10% of its stability sheet in Bitcoin, citing the asset’s potential to hedge towards financial uncertainty.
Moreover, company Bitcoin holders like MicroStrategy and Metaplanet have expanded their Bitcoin holdings.
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