A member of the Ohio House has just submitted a bill to establish a Bitcoin reserve fund at the state treasury, making Ohio the third state in the U.S. to promote this initiative in just over a month.

On December 17, Ohio House Republican Leader Derek Merrin introduced bill HB 703, temporarily called the “Ohio Bitcoin Reserve Act.” Accordingly, the state treasurer will be allowed to purchase Bitcoin as part of a “reasonable asset allocation” strategy, although there is no immediate obligation to do so.

“The U.S. dollar is losing value rapidly, and our treasurer needs the authority and flexibility to invest in Bitcoin when financial conditions require,” Merrin emphasized. “Ohio needs to embrace this advanced technology to protect tax revenue from erosion.”

Legislative plan and long-term vision

Merrin hopes that the bill will lay the foundation for the next legislative session, as the current General Assembly will conclude on December 31. If not passed before this deadline, HB 703 will need to be reintroduced in the 136th General Assembly, which is expected to run from January 6, 2025.

He expressed optimism about the future of this initiative:

“Bitcoin is not only revolutionizing finance but also reshaping the global economy. Ohio needs to build a solid legal framework to harness the potential of Bitcoin, strengthen the financial foundation, and protect the interests of the people.”

Ohio is not the only state exploring a Bitcoin reserve fund. On December 12, Texas House Representative Giovanni Capriglione introduced the “Strategic Bitcoin Reserve Act,” proposing to use Bitcoin as a reserve asset for at least 5 years. Previously, on November 12, the Pennsylvania House also proposed legislation allowing the treasury to hold up to 10% of the balance sheet in the form of Bitcoin, viewing this as a tool for economic risk hedging.

Derek Merrin, who identifies as a strong advocate for cryptocurrency, received an “A” rating from the Stand With Crypto advocacy organization affiliated with Coinbase. He has called for the development of a modern legal framework to protect ownership, trading, and commerce in digital assets.

These efforts indicate a clear trend: States across the United States are rapidly adapting to the rise of Bitcoin, not only as a financial tool but also as an important part of the 21st-century economic and technological strategy.


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