News 
December 18, 2024 
3 min. 
Ohio has joined the growing list of U.S. states considering Bitcoin as a reserve asset. On December 17, Ohio House Republican leader Derek Merrin introduced the Ohio Bitcoin Reserve Act (HB 703), a bill that would allow the state treasury to invest in Bitcoin as part of its financial strategy.
This move makes Ohio the third U.S. state in just over a month to propose legislation aimed at holding Bitcoin in government reserves.
Ohio’s Push for a Bitcoin Framework
The Ohio Bitcoin Reserve Act gives the state treasurer the authority, though not a mandate, to buy Bitcoin when determining proper asset allocation. Merrin emphasized the urgency of such measures, citing the rapid devaluation of the U.S. dollar and the need to protect public funds.
“Ohio must embrace technology and protect tax dollars from eroding,” Merrin said, adding that Bitcoin represents “sound money” and acts as “digital property rights” for its holders.
While the bill is unlikely to be enacted before the current General Assembly adjourns on December 31, Merrin views it as a starting point for the next legislative session. He hopes the framework will enable lawmakers to act quickly when the 136th General Assembly convenes in January 2025.
Merrin, a vocal supporter of cryptocurrency, has a top-tier rating from the crypto advocacy group Stand With Crypto. He has consistently called for policies that safeguard individuals’ rights to use digital assets for commerce and investment.
A Growing Trend in U.S. States
Ohio’s proposal follows similar bills introduced in Texas and Pennsylvania. On December 12, Texas House Rep. Giovanni Capriglione proposed the Texas Strategic BTC Reserve Act, which would require the state comptroller to hold BTC as a reserve asset for at least five years.
In November, Pennsylvania House Rep. Mike Cabell introduced a bill allowing its treasury to allocate up to 10% of its funds to Bitcoin. Cabell argued that Bitcoin could serve as a hedge against economic instability.
The growing interest in BTC at the state level reflects broader discussions about its potential role in public finance. Former President Donald Trump has also floated the idea of a federal Bitcoin reserve, signaling increased attention to cryptocurrency in political circles.
As Ohio prepares for its next legislative session, the Ohio BTC Reserve Act could pave the way for innovative financial strategies that integrate digital assets into state governance.
