Ohio's Rep. Derek Merrin Proposes Strategic Bitcoin Reserve with House Bill 703

Dec 17, 2024, 10:44 PM

Ohio State Representative Derek Merrin has introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, on December 17, aimed at establishing a strategic Bitcoin reserve within the state's treasury. The legislation authorizes the State Treasurer to purchase Bitcoin, although it is not mandatory. This move positions Ohio as the third US state to consider a strategic Bitcoin reserve, following Pennsylvania and Florida. Merrin's initiative is part of a broader trend, with states like Texas, Alabama, and others also initiating similar bills to create or store value in Bitcoin reserves.