- Beyond making a Bitcoin fund, SB57 would also need state agencies to acknowledge crypto for tax payments, fines, fees, and various government transactions.
- Not long ago, in late January, a Utah House Committee modernized legalization allowing the state to put a portion of public funds into virtual assets.
- New Hampshire and North Dakota have proposed legislation to set up strategic Bitcoin reserves, indicating a growing trend among the states.
A senator from Ohio state has proposed a second bill targeted at making a Bitcoin reserve fund, placing the state in a leading position for crypto adoption. Senate Bill 57 (SB 57), proposed by Senator Sandra O’Brien on January 28, was cited to the Financial Institutions, Insurance and Technology Committee a day later.
The offered legislation would permit the state treasurer to invest public funds solely in Bitcoin (BTC) to set up an Ohio Bitcoin Reserve Fund. The bill instructs that any Bitcoin possessed must be held for a minimum period of five years and stored safely using suitable custody solutions.
A national digital asset reserve
The advocate for the offer, O’Brien highlighted the need for Ohio to be at the forefront in the developing virtual asset space. She took to the social media platform, X and mentioned that the crypto world is here and Ohio needs to be a leader.
She also highlighted that cryptocurrency is anticipated to play a crucial role in President Donald Trump’s second term, mentioning his latest executive order to inspect a national virtual asset reserve.
Beyond making a Bitcoin fund, SB57 would also need state agencies to acknowledge crypto for tax payments, fines, fees, and various government transactions. Any crypto gained would be changed into Bitcoin and issued to the reserve.
Moving forward, the bill highlights a system permitting Ohio residents, government bodies, and state universities to donate Bitcoin, with an identification program set up for notable contributors. SB 57 is the newest in a series of Bitcoin-associated proposals in Ohio.
In December, House Republican leader Derek Merrin proposed HB 703, the Ohio Bitcoin Reserve Act, which sought to grant the state treasurer authority to issue Bitcoin within state reserves.
The growing trend among the states
Merrin asserted that Bitcoin could work as a hedge against the slumping value of the U.S. dollar. Ohio is one of the growing number of United States states jumping for crypto adoption. In September last year, Senator Niraj Antani proposed a bill permitting Ohio to acknowledge crypto for tax and fee payments.
Not long ago, in late January, a Utah House Committee modernized legalization allowing the state to put a portion of public funds into virtual assets. As per the Bitcoin Reserve Monitor, a minimum of twelve states have proposed bills to permit crypto investment within their treasuries, with Arizona and Utah having pending legislation.
New Hampshire and North Dakota have proposed legislation to set up strategic Bitcoin reserves, indicating a growing trend among the states of the United States to modify their treasuries with crypto.
Before this, the Representative of Texas, Giovanni Capriglione proposed the Texas Strategic Bitcoin Reserve Act, which mentioned that the state controller holds Bitcoin as a reserve for a minimum duration of five years.
