A member of the Ohio House has proposed a bill to establish a Bitcoin fund in the state treasury, marking the third state in the U.S. to do so in just over a month.
On December 17, Ohio House Republican leader Derek Merrin introduced HB 703, temporarily called the Ohio Bitcoin Reserve Act, which empowers the state treasurer to purchase Bitcoin as part of 'reasonable asset allocation,' although it is not mandatory.
'The US dollar is depreciating significantly, and our state treasurer needs the authority and flexibility to invest in Bitcoin when determining reasonable asset allocation,' Merrin said in a statement. 'Ohio must embrace technology and protect the tax budget from erosion.'
Source: Derek Merrin
Merrin predicts that the bill will serve as a template for the next legislative session of Ohio, as it was introduced just two weeks before the end of the 135th Session of the General Assembly, which is expected to adjourn on December 31.
The bill will need to be reintroduced in the 136th General Assembly, which will last two years, starting from January 6, 2025, as bills that are not passed before the end of the current session will 'die' and not be carried over to the next legislative session.
Merrin hopes the bill will 'pave the way for legislators to act quickly next year.'
'Bitcoin is revolutionizing finance and will reshape the world's economies. We need solid currency — that is the ownership of digital assets for anyone who owns it. This law establishes a legal framework for the Ohio state government to harness the power of Bitcoin and strengthen the state's finances,' he added.
Derek Merrin previously identified himself as 'a strong advocate for Cryptocurrency' and was rated the highest 'A' by Coinbase Stand With Crypto.
In a LinkedIn post on August 5, Derek emphasized the need for a '21st-century legal framework that protects individual rights in owning, trading, and commercializing digital assets.'
Merrin compares himself to his opponent in the Ohio 9th Congressional District election, which he lost. Source: LinkedIn
Texas and Pennsylvania have submitted similar bills to establish a Bitcoin reserve after Donald Trump won the presidential election in November – who also proposed the idea of a federal Bitcoin reserve.
On December 12, Texas Representative Giovanni Capriglione introduced the Texas Bitcoin Strategic Reserve Act, proposing that the state auditor hold Bitcoin as a reserve asset for 'at least five years.'
A month earlier, on November 12, Pennsylvania Representative Mike Cabell proposed a bill allowing the state treasury to hold up to 10% Bitcoin on its balance sheet, arguing that Bitcoin could be used as a hedge to 'provide stability during economic uncertainty.'
