Ohio Senate Bill 57 Pushes for Bitcoin Reserve Fund
An Ohio senator has introduced a legislative proposal that could position the state as a pioneer in cryptocurrency adoption. Ohio Senate Bill 57, introduced by Sen. Sandra O’Brien, seeks to allow the state treasurer to invest state funds in Bitcoin (BTC), with the goal of establishing an “Ohio Bitcoin Reserve Fund.”
The bill, which was referred to the Financial Institutions, Insurance and Technology Committee on Jan. 29, outlines that investments in BTC must be maintained for a minimum period of five years. It also calls for a secure storage solution to ensure the safekeeping of the cryptocurrency.
Sen. O’Brien emphasized the need for Ohio to take a leadership role in the crypto space. She expressed her belief that cryptocurrency will play a significant role during President Trump’s term, especially following his Jan. 23 executive order establishing a crypto working group. The group is tasked with evaluating various aspects of digital assets, including the potential creation of a “national digital asset depository.”
In addition to allowing state funds to be invested in Bitcoin, the proposed legislation mandates that state entities and government agencies accept cryptocurrency for payments. This includes taxes, fees, fines, and other charges levied by the government. Upon receipt, these agencies will be required to convert these cryptocurrencies into Bitcoin and transfer them to the reserve fund.
