Encouraging developments regarding the establishment of Bitcoin reserves in the U.S. have been steadily emerging, fueled by Trump's recent achievements on the political stage
On the morning of December 18, Republican House Representative Derek Merrin from Ohio proposed the establishment of a Bitcoin reserve fund as part of the state’s financial strategy. This move positions Ohio as the third state in the U.S., following Texas and Pennsylvania, to introduce a similar initiative within just over a month
The bill, titled the 'Ohio Bitcoin Reserve Act' (HB 703), would authorize the State Treasurer to purchase Bitcoin as part of a 'prudent asset allocation strategy.'
Representative Derek Merrin explained that the rapidly declining value of the U.S. dollar necessitates investment in Bitcoin to safeguard the state's tax revenue. According to him, Ohio must embrace modern technology and seize the opportunities presented by Bitcoin to protect its assets.
He further emphasized that Bitcoin represents 'digital property ownership' for its holders and highlighted that Bitcoin will revolutionize finance and reshape global economies. Merrin also noted that the proposed legislation would establish a legal framework for Ohio to harness the potential of Bitcoin to strengthen the state’s financial position
Ohio's Bitcoin Reserve Establishment Document. Source: X DerekMerrin
Introduced with only two weeks remaining before the 135th Ohio General Assembly concludes on December 31, the bill is unlikely to pass in time.
It is expected to be reintroduced during the 136th General Assembly, which begins on January 6, 2025. Merrin expressed his hope that the bill would pave the way for lawmakers to expedite the approval of Bitcoin reserves in the coming year.
Derek Merrin has long identified himself as a crypto-friendly advocate and has received the highest 'A' rating from Stand With Crypto*, the lobbying organization associated with Coinbase. Earlier, on August 5, Merrin shared on LinkedIn the need for a '21st-century legal framework' to protect the rights to own, trade, and conduct commerce with digital assets.
*An 'A' rating signifies that Merrin is a highly supportive legislator of crypto, particularly regarding ownership, trading, and investment in digital assets like Bitcoin. This rating system is commonly used by lobbying groups to classify politicians based on their level of support for specific bills or policies
Derek Merrin được đánh giá là rất thân thiện với thị trường crypto. Source: Cointelegraph
Ohio is not the only state making such moves. On December 12, Texas Representative Giovanni Capriglione introduced the 'Texas Strategic Bitcoin Reserve Act,' allowing the state's Comptroller to hold Bitcoin as a reserve asset for a minimum of five years.
Similarly, on November 12, Pennsylvania Representative Mike Cabell proposed a bill permitting the state treasury to hold up to 10% of its assets in Bitcoin. Cabell argued that Bitcoin could serve as a hedge to provide stability during times of economic uncertainty.
Notably, all these legislative efforts have emerged following Donald Trump's victory in the November presidential election. Trump himself had previously floated the idea of establishing a federal Bitcoin reserve fund. The introduction of these bills may signal growing interest among lawmakers in Bitcoin as a safeguard asset amid economic volatility and fluctuations in the U.S. dollar
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