Representative from Ohio, Derek Merrin, introduces a bill to create a state cryptocurrency supply.

Official Derek Merrin of Ohio is bringing forward a expenses that would accept the state’s treasury to spend open funds in Bitcoin, in the footsteps of another representatives across the country.

House Bill 703, also known as the Ohio Bitcoin Reserve Act, would grant the State Treasurer discretionary authority to buy the blockchain while creating a dedicated Cryptocurrency fund within the state bank.

In a statement posted to X, Merrin stated that the U.S. Dollar is quickly depreciating, and that our State Treasurer should have the power and freedom to choose which assets to allocate to Bitcoin. Ohio has adopt systems and safeguard taxpayer dollars from deterioration.

The act amends area 2981.12 and enacts area 135.146 of Ohio’s Revised Code but does not sanction any particular Bitcoin purchases or profile allocations.

” Bitcoin provides a vehicle to complement our country’s collection and maintain public funds from losing value”, Merrin stated, arguing that through the legislation, the Ohio state government may “harness the power of Bitcoin” to improve its state funds.

The representative from Ohio stated that he anticipates the incoming Trump management to do a nationwide Bitcoin reserve program in response to a proposal made by Wyoming’s Senator Cynthia Lummis.

The bill was introduced as the recent legislative session was about to come to an end. Merrin anticipates that the bill will serve as a platform for legislation to be introduced in the future program in 2025.

A state plan

Ohio joins a growing number of various U.S. State Representatives who are introducing similar legislation.

Representative Mike Cabell introduced the Pennsylvania Bitcoin Strategic Reserve Act in November 2024, which proposes that up to 10 % of the country’s government resources be devoted to Bitcoin as a hedge against inflation.

Soon after, Texas followed match. On December 12, official Giovanni Capriglione introduced House Bill 1598, which established a proper Bitcoin reserve funded by donations. Additionally, the bill seeks to grant state firms the right to take Bitcoin for payments, including all applicable taxes and fees.

Senator Niraj Antani of Ohio introduced a separate tax bill in October that would take Bitcoin and another bitcoin as payment.