Ohio Representative Proposes Bitcoin Reserve Act

The Ohio Bitcoin Reserve Act seeks to incorporate bitcoin into the state’s financial reserves while diversifying its investment portfolio.

Rep. Merrin Wants Bitcoin in Ohio’s State Treasury

Ohio State Representative, Derek Merrin has introduced the Ohio Bitcoin Reserve Act, a legislative bill granting the state treasury the authority to invest in bitcoin (BTC).

This bill is designed to establish a legal and regulatory framework for the state to invest in bitcoin as part of its financial reserves while positioning Ohio as a leader in the adoption of cryptocurrency.

Rep Merrin shared his thoughts on the need for the bill, saying,

“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. Ohio must embrace technology and protect tax dollars from eroding.”

The Ohio Bitcoin Reserve Act follows similar legislation in Texas and Pennsylvania to establish state bitcoin reserves. Andrew Burchwell, Executive Director of the Ohio Blockchain Council, expressed his delight at the proposed act.

“Governments worldwide are considering investment in bitcoin as a strategic reserve asset. I look forward to working with the legislature in 2025 to ensure Ohio makes the most of this opportunity.”

If successfully passed into law, the Ohio Bitcoin Reserve Act could serve as a model for other states looking to embrace the potential of cryptocurrency.