The new bill to establish Bitcoin as the State Treasury reserve has also arrived in Ohio. It was presented by the crypto supporter and leader of the Republicans in the House, Derek Merrin.
Ohio and Derek Merrin’s bill proposal to establish Bitcoin as the State’s reserve
Derek Merrin, crypto supporter and leader of the Republicans in the Ohio House, has presented his bill to establish Bitcoin as a reserve and part of the State Treasury.
Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!
Provides state treasurer authority & flexibility to invest in #Bitcoin
This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd
— Derek Merrin (@DerekMerrin) December 17, 2024
“Today I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! It provides the state treasurer with the authority and flexibility to invest in #Bitcoin. This law creates the framework for the state government of Ohio to leverage the power of Bitcoin to strengthen our state finances. With the devaluation of the US dollar, #Bitcoin provides a vehicle to supplement our State’s portfolio and preserve public funds from losing value.”
The new bill HB 703 has been provisionally titled “Ohio Bitcoin Reserve Act” and aims to give the greenlight to the state treasurer to purchase Bitcoin (BTC).
Specifically, Merrin sees in his proposal a new framework for the government of Ohio to be able to leverage Bitcoin as an asset in state finances, against the inflation of the USD dollar.
Ohio: Merrin’s proposal of Bitcoin as a reserve postponed to 2025
The proposal “Ohio Bitcoin Reserve Act” by Merrin will be reintroduced in the 136th General Assembly, which lasts two years, starting from January 6, 2025.
In fact, the 135th General Assembly and the current legislative session of Ohio will conclude in two weeks, exactly on December 31.
In its statement, Merrin then talked about how Ohio should consider Bitcoin and its revolution. Here is how the document cites:
“Bitcoin is revolutionizing finance and will reshape global economies. We must have sound money – it is like a digital property right for everyone who owns it. This law creates the framework for the state government of Ohio to harness the power of Bitcoin and strengthen our state finances”
Ohio after Texas and Pennsylvania
The proposal to have Bitcoin as a strategic reserve for the state of Ohio is added to that of two other US states, Texas and Pennsylvania.
In fact, last week, the Texas state representative, Giovanni Capriglione, presented his bill, proposing Bitcoin as a strategic reserve. Here too, the HB 1598 proposal aims to represent a new framework to then allow the State to purchase BTC.
In November, instead, it was the turn of the State of Pennsylvania, with the proposal put forward by Republican representative Mike Cabell to establish Bitcoin as a strategic reserve. Here too, the main motivation is to leverage BTC to protect against USD dollar inflation.
