Ohio Bitcoin Reserve Act Targets State Treasury Revolution

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Derek Merrin's "Ohio Bitcoin Reserve Act" Aims to Revolutionize State Treasury

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 18, 2024

Key Takeaways

Derek Merrin's Ohio Bitcoin Reserve Act proposes allowing the state treasury to hold Bitcoin as part of its asset management strategy;
The bill faces a tight deadline but could be refined and reintroduced in the next legislative term starting January 2025;
Merrin highlights Bitcoin as a hedge against inflation and a tool to modernize Ohio’s financial asset management framework.

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Derek Merrin's "Ohio Bitcoin Reserve Act" Aims to Revolutionize State Treasury

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On December 17, the leader of the House of Representatives, Derek Merrin, introduced a bill titled "Ohio Bitcoin Reserve Act" that allows Ohio’s treasury to hold Bitcoin BTC $89,288.90 in its reserves.

In Merrin's post on X, he stated that he filed HB 703 to create the bill, which would give the state treasurer the option, but not the obligation, to invest in Bitcoin as part of managing state funds.

However, the proposal's timing presents a challenge. The current legislative session ends on December 31, and HB 703 is unlikely to pass before the deadline.

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Merrin views this as an opportunity to refine the proposal for the next legislative term, starting in January 2025. Under Ohio’s rules, bills not passed during a session must be reintroduced to be considered again.

Merrin stressed that the devaluation of the US dollar makes it critical for the state to explore alternatives. He stated:

Our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation.

He also highlighted Bitcoin’s potential to secure tax revenue from inflation’s impact and boost technological progress.

Known for his support of cryptocurrencies, Merrin describes Bitcoin as a transformative tool for managing finances, comparing it to digital property ownership.

He also believes this framework could strengthen the state’s financial standing and modernize its approach to asset management.

While Ohio promotes Bitcoin as part of its financial future, Sarah Knafo, an EU lawmaker, recently opposed the European Central Bank (ECB) proposal and championed Bitcoin instead. What led to Knafo's daring action? Read the full story.