Ohio Senate Bill 57: State to Invest in Bitcoin, Accept Crypto Payments

Ohio Senate Bill 57, introduced by Senator Sandra O’Brien, seeks to position the state as a leader in cryptocurrency adoption by authorizing the state treasurer to invest state funds into Bitcoin (BTC) and establish an "Ohio Bitcoin Reserve Fund." The bill, referred to the Financial Institutions, Insurance, and Technology Committee on January 29, outlines that investments in BTC must be retained for a minimum of five years and calls for secure custody solutions to ensure safekeeping.

Senator O’Brien believes that cryptocurrency will play a significant role during President Trump's term, following his executive order on January 23 to create a crypto working group tasked with evaluating various aspects of digital assets, including the potential establishment of a "national digital asset stockpile." The proposed legislation also mandates that state entities and government agencies accept cryptocurrencies for payments, including taxes, fees, fines, and other charges, which would then be converted into Bitcoin and transferred to the reserve fund.

The bill introduces a mechanism for Ohio residents, state agencies, and universities to donate BTC to the fund, with the state treasurer establishing a recognition program to honor significant contributors. Senate Bill 57 is not the first Bitcoin-related bill in Ohio; in December, House Republican leader Derek Merrin introduced HB 703, the Ohio Bitcoin Reserve Act, with a similar aim. Earlier, in September, Senator Niraj Antani put forth a bill allowing the state to accept cryptocurrency for the payment of taxes and fees.

Ohio is among a growing number of US states considering legislation to integrate cryptocurrency into their financial operations. A Utah House committee passed a bill in late January to allow the state to invest a portion of public funds into crypto. According to Bitcoin Reserve Monitor, twelve US states have proposed bills to permit local treasuries to purchase crypto assets, with Arizona and Utah also having bills in progress.

The Rainforest Foundation US, an NGO, is planning to create a strategic Bitcoin reserve with the goal of tripling its operating budget and rainforest conservation efforts over the next 10 years. The organization aims to raise 100 BTC, or around $10 million, to achieve this goal. The NGO's executive director, Suzanne Pelletier, explained that the "cash in our bank account is just losing value" due to inflation and dollar debasement,