Ohio Senator presented the second bill for a reserve of $BTC of the state
Ohio Senator Sandra O'Brien wants to allow the state treasurer to invest in $BTC , but not in any other cryptocurrency, to create the 'Ohio Bitcoin Reserve Fund'.
A legislator from Ohio has introduced a second bill to allow the state to invest in Bitcoin to create a local reserve of the cryptocurrency.
The Ohio Senate Bill 57, referred to the Committee on Financial Institutions, Insurance, and Technology on January 29, authorizes the state treasurer to invest state funds solely in $BTC to create an 'Ohio Bitcoin Reserve Fund'.
It requires that investments in BTC be held for at least 5 years and demands secure custody solutions to store the asset.
Ohio Senator Sandra O’Brien introduced the bill on January 28 and wrote on X that "the crypto world is here, and Ohio needs to be a leader".
"Cryptocurrencies will be an important part of President Trump's mandate. When his task force issues recommendations, Ohio will be ready," she added.
Donald Trump signed an executive order on January 23 that established a crypto task force to assess, among other things, the possible creation of a 'national digital asset reserve'.
The Ohio bill also requires state entities and government agencies to accept cryptocurrencies for payments, including taxes, fees, fines, and other government charges. It also stipulates that when agencies receive cryptocurrencies, they must convert them to Bitcoin and transfer them to the reserve.
It further establishes a process for Ohio residents, state agencies, and state universities to donate BTC to the fund and allows the treasurer to create a recognition program for significant donors.