Ohio Representative Derek Merrin Introduces Bill to Establish State Bitcoin Reserve

Ohio State Representative Derek Merrin is following in the footsteps of other US representatives and introducing a bill that would authorize the state treasury to invest public funds in Bitcoin.

House Bill 703, known as the Ohio Bitcoin Reserve Act, would establish a dedicated Bitcoin fund within the state treasury while giving the state treasury discretionary authority to purchase the crypto.

“The U.S. dollar is rapidly being devalued, and our treasuries should have the authority and flexibility to invest in Bitcoin when determining the appropriate asset allocation,” Merrin said in a statement statement posted on X. “Ohio must embrace technology and protect taxpayer dollars from eroding.”

The bill amends section 2981.12 and enacts section 135.146 of the Ohio Revised Code, but does not prescribe specific Bitcoin purchases or wallet allocations.

“Bitcoin provides a means to replenish our state’s portfolio and prevent public assets from losing value,” Merrin said, arguing that through the legislation, Ohio’s state government could “harness the power of Bitcoin” to strengthen its state finances.

The Ohio representative said he expects the new Trump administration to pursue a national Bitcoin reserve program, citing a proposal from Sen. Cynthia Lummis of Wyoming.

The introduction of the bill comes as the current legislative period approaches its end. Merrin expects the legislation will serve as a framework for lawmakers to take up during the upcoming 2025 session.

A state strategy

Ohio joins a growing list of other U.S. state representatives proposing similar legislation.

In November 2024, Representative Mike Cabell introduced the Pennsylvania Bitcoin Strategic Reserve Actwhich proposes allocating up to 10% of state treasury reserves to Bitcoin as a hedge against inflation.

Shortly afterwards, Texel followed suit. Rep. Giovanni Capriglione filed House Bill 1598 on December 12, which aims to create a strategic Bitcoin reserve funded by donations. The bill also aims to authorize government agencies to accept Bitcoin for payments, including taxes and fees.

A separate tax assessment was issued in October suggested by Ohio State Senator Niraj Antani to accept Bitcoin and other cryptocurrencies as payment.

Edited by Sebastian Sinclair