- Ohio Representative Derek Merrin has introduced a bill to establish a Bitcoin fund for the state treasury
- The legislation allows, but does not require, the State Treasurer to invest in Bitcoin to hedge against inflation and economic uncertainty
- The bill aligns Ohio with other states like Texas and Pennsylvania that are considering Bitcoin as a strategic reserve asset
State Representative Derek Merrin (R-Monclova Township) has introduced House Bill 703, known as the Ohio Bitcoin Reserve Act, in a bid to position Bitcoin as part of the state’s financial strategy. The legislation creates a Bitcoin fund within the state treasury and gives the State Treasurer the option to invest in the cryptocurrency. Merrin’s proposal mirrors efforts in states like Texas and Pennsylvania as well as national-level discussions to adopt Bitcoin as a reserve asset.
A Push for Innovation and Stability
In an X post announcing the tabling of the bill, Merrin framed the legislation as a proactive step to address economic volatility, particularly the erosion of the U.S. dollar’s purchasing power:
🚨Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!
Provides state treasurer authority & flexibility to invest in #Bitcoin
This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd
— Derek Merrin (@DerekMerrin) December 17, 2024
The proposal comes at a time when national leaders, such as Senator Cynthia Lummis of Wyoming, have advocated for Bitcoin to bolster America’s financial reserves, and Merrin believes that Ohio has an opportunity to follow suit and lead in the space
Bitcoin is revolutionizing finance and will reshape world economies. We must have sound money … This legislation sets up the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances.
Support for Innovation in Ohio
Industry leaders have applauded Merrin’s initiative, with Andrew Burchwell, Executive Director of the Ohio Blockchain Council, highlighting the growing momentum for Bitcoin adoption across the country:
Governments worldwide are considering investment in Bitcoin as a strategic reserve asset, including the U.S. federal government and states like Texas, Pennsylvania, and Florida. I applaud Representative Merrin for introducing this legislation to ensure Ohio is positioned as a leader in innovation and technology.
Merrin hopes that House Bill 703, which follows similar efforts in Texas and Pennsylvania, will lay the groundwork for further discussions in the next legislative session. With Ohio’s current session ending, the representative remains optimistic that the proposal will gain traction when lawmakers reconvene in 2025.
