Ohio's HB 703 Proposes State Bitcoin Reserve, Third State to Consider Such Move

Dec 17, 2024, 10:53 PM

Ohio State Representative Derek Merrin has introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, which aims to establish a strategic Bitcoin reserve within the state's treasury. The legislation would grant the State Treasurer the authority to invest public funds in Bitcoin, citing the need to protect against the devaluation of the U.S. dollar. The bill does not mandate specific Bitcoin purchases or portfolio allocations but provides the treasurer with discretionary power to buy the cryptocurrency. This move positions Ohio as the third U.S. state to consider such a reserve, following similar proposals in Pennsylvania and Texas.