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Ohio lawmaker proposes bill to create a state-backed bitcoin reserve
Ohio lawmaker proposes bill to create a state-backed bitcoin reserve
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
Ohio lawmaker proposes bill to create a state-backed bitcoin reserve
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President.
The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
#Ohio #OhioState #Bitcoin #cryptomarket #CryptoNews
Set to Pioneer #Bitcoin Tax Payments🚨
In a groundbreaking move the U.S. state of Ohio is poised to become the first to accept Bitcoin as a payment method for taxes This revolutionary step forward is poised to propel cryptocurrency adoption and cement Ohio's position as a fintech hub. Embracing Bitcoin payments for taxes demonstrates Ohio's commitment to innovation financial inclusion and technological advancement.
👉Enhance payment flexibility for residents and businesses
👉Foster economic growth through cryptocurrency integration
👉Establish Ohio as a leader in blockchain and crypto-friendly policies
What do you think about Ohio's pioneering move?
Share your thoughts🙌
#Ohio #TaxPayments #CryptoAdoption #Fintech
In a groundbreaking move the U.S. state of Ohio is poised to become the first to accept Bitcoin as a payment method for taxes This revolutionary step forward is poised to propel cryptocurrency adoption and cement Ohio's position as a fintech hub. Embracing Bitcoin payments for taxes demonstrates Ohio's commitment to innovation financial inclusion and technological advancement.
👉Enhance payment flexibility for residents and businesses
👉Foster economic growth through cryptocurrency integration
👉Establish Ohio as a leader in blockchain and crypto-friendly policies
What do you think about Ohio's pioneering move?
Share your thoughts🙌
#Ohio #TaxPayments #CryptoAdoption #Fintech