Key Takeaways
- Ohio Senator Sandra O’Brien launched SB57 to create a Bitcoin reserve fund.
- The invoice mandates Bitcoin holdings for a minimum of 5 years and requires state companies to just accept Bitcoin for funds.
- Ohio joins a minimum of twelve US states proposing Bitcoin funding payments.
Ohio Senator Sandra O’Brien has launched Senate Invoice 57, which might allow the state treasurer to put money into Bitcoin solely, forming an “Ohio Bitcoin Reserve Fund.”
The invoice was referred to the Monetary Establishments, Insurance coverage, and Know-how Committee on Jan. 29.
Key necessities
The proposed laws mandates that Bitcoin investments be held for at least 5 years and requires safe custody measures for storage.
It additionally compels state entities and companies to just accept Bitcoin for funds, together with taxes and costs, and convert all obtained digital belongings into Bitcoin for switch to the reserve.
Moreover, the invoice permits Ohio residents, authorities companies, and universities to donate Bitcoin to the fund, with a recognition program for important donors.
Political assist
Senator O’Brien emphasised Ohio’s have to be on the forefront of Bitcoin adoption, stating:
The crypto world is right here, and Ohio must be a pacesetter.
She additionally famous that Bitcoin will probably play a key function in former President Donald Trump’s insurance policies, referencing his govt order on Jan. 23 to judge a nationwide digital asset stockpile.
Earlier efforts
This marks Ohio’s second Bitcoin-related reserve proposal.
In December, Ohio Home Republican chief Derek Merrin launched HB 703, which might additionally enable Bitcoin to be a part of the state’s reserve belongings.
Ohio joins a minimum of twelve different states exploring related laws.