{"id":29353,"date":"2024-12-18T10:04:04","date_gmt":"2024-12-18T10:04:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29353"},"modified":"2024-12-18T10:04:04","modified_gmt":"2024-12-18T10:04:04","slug":"ohio-lawmaker-proposes-bitcoin-reserve-bill-becomes-third-state-to-do-so-this-month","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29353","title":{"rendered":"Ohio Lawmaker Proposes Bitcoin Reserve Bill, Becomes Third State To Do So This Month"},"content":{"rendered":"

Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin. <\/span><\/p>\n

The proposed <\/span>legislation,<\/span> dubbed the Ohio Bitcoin Reserve Act (HB 703), would grant the state treasurer the authority, but not the obligation, to purchase Bitcoin as part of a \u201cproper asset allocation\u201d strategy.<\/span><\/p>\n

The US Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,\u201d Merrin said in a <\/span>statement on 17 December 2024.<\/span><\/a><\/p>\n

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Legislation Will Not Have Enough Time to Pass<\/span><\/h2>\n

The bill\u2019s timing, however, poses a logistical challenge. Introduced just two weeks before the 135th General Assembly\u2019s adjournment on 31 December 2024, the legislation will not have sufficient time to pass. <\/span><\/p>\n

As a result, Merrin aims to reintroduce it in the 136th General Assembly, which begins on 6 January 2025, and runs for two years. Bills that fail to pass before the end of a legislative session <\/span>are required to<\/span> be refiled in the next session.<\/span><\/p>\n

Merrin, a vocal <\/span>supporter of cryptocurrency<\/span>, has expressed confidence that the proposal will gain traction next year. <\/span><\/p>\n

\u201cBitcoin is revolutionizing finance and will reshape world economies. We must have sound money \u2014 it\u2019s like digital property rights for everyone who owns it. This legislative sets up the framework for Ohio\u2019s state government to harness the power of Bitcoin and strengthen our state finances.\u201d<\/span><\/p>\n

Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! <\/p>\n

Provides state treasurer authority & flexibility to invest in #Bitcoin<\/a> <\/p>\n

This legislation creates the framework for Ohio\u2019s state government to harness the power of Bitcoin to strengthen our\u2026 pic.twitter.com\/hSWas2qeQd<\/a><\/p>\n

\u2014 Derek Merrin (@DerekMerrin) December 17, 2024<\/a><\/p>\n\n

This isn\u2019t Merrin\u2019s first foray into crypto advocacy. He has previously described himself as a \u201cstrong defender of crypto\u201d and holds a top-tier \u201cA\u201d rating from Coinbase\u2019s lobbying arm, Stand With Crypto. <\/span><\/p>\n

In an August LinkedIn post, Merrin argued for a \u201c<\/span>21st century<\/span> framework\u201d to protect individuals\u2019 rights to trade and conduct commerce using digital assets.<\/span><\/p>\n

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More US States Propose Bitcoin Reserve Bill<\/span><\/h2>\n

Ohio\u2019s initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves. <\/span><\/p>\n

On 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act<\/a>, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years. <\/span><\/p>\n

Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset\u2019s potential to hedge against economic uncertainty.<\/span><\/p>\n

The growing momentum around state-level Bitcoin reserve initiatives comes amid renewed interest in <\/span>the idea of<\/span> a federal Bitcoin reserve, a concept floated by former President Donald Trump following his re-election campaign. <\/span><\/p>\n

Just recently, Trump <\/span>hinted at plans<\/span><\/a> for a US Bitcoin strategic reserve akin to the nation\u2019s strategic oil reserve. Speaking to CNBC, Trump declared, \u201cWe\u2019re going to do something great with crypto because we don\u2019t want China or anybody else \u2013 not just China but others are embracing it \u2013 and we want to be the head.\u201d<\/span><\/p>\n

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The post Ohio Lawmaker Proposes Bitcoin Reserve Bill, Becomes Third State To Do So This Month<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin. The proposed legislation, dubbed the Ohio Bitcoin Reserve Act (HB 703), would grant the state treasurer the authority, but not the obligation, to purchase Bitcoin as part […]<\/p>\n","protected":false},"author":0,"featured_media":29354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29353"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29353"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29354"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}