ChainCatcher News, Ohio Congressman Derek Merrin submitted Bill No. 703 (Ohio Bitcoin Reserve Act), proposing the establishment of a Bitcoin reserve fund in the state treasury and authorizing the state treasurer to invest in Bitcoin flexibly, but not mandating it.

Merrin pointed out that the US dollar is rapidly depreciating, and Bitcoin can serve as a tool to protect tax funds and enhance state finances. This legislation provides a framework for state governments to use Bitcoin technology to address economic challenges and promote innovation. Similar bills have been introduced in Texas and Pennsylvania, aiming to establish state-level Bitcoin reserves.