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Crypto

New Strategic Bitcoin Reserve Bill: Ohio Gains Support From 6 Co-Sponsors

Ronaldo Marquez
by Ronaldo Marquez
7 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant development amid evolving regulatory landscapes in the United States, Ohio has introduced a bill aimed at establishing a Strategic Bitcoin Reserve. 

Spearheaded by Majority Whip Steve Demetriou and supported by six co-sponsors, the legislation seeks to enhance the state’s treasury reserves by allowing the allocation of funds into Bitcoin.

Ohio Bill Proposes Strategic Bitcoin Reserve

The bill proposes that Ohio can invest up to 10% of its general fund, budget stabilization fund, and prizes trust fund into Bitcoin. This move is seen as a proactive response to rising inflation and the need for innovative financial strategies. 

Market expert Dennis Porter, founder of the Satoshi Action Fund, expressed strong support for the bill, highlighting its potential to safeguard Ohio residents’ tax dollars.

Related Reading: Grayscale Moves To Launch Spot Litecoin And Solana ETF – Details

Key features of the proposed legislation include robust custody solutions that mandate either self-custody or the use of a qualified custodian, ensuring the security of the state’s investments. 

The bill adopts a technology-neutral stance by referring to “digital assets,” thereby minimizing political friction and facilitating quicker action to protect the purchasing power of state funds. 

Notably, the proposal stipulates that only Bitcoin qualifies for the reserve, requiring a market capitalization of $750 billion and an average valuation over the preceding 12 months, thereby imposing stringent qualifications. Demetriou emphasized the importance of this initiative, stating on social media:

Proud to have introduced a bill that will protect Ohio residents’ tax dollars. By allowing an option to invest in a strategic Bitcoin reserve, we can hedge against inflation and keep Ohio on the cutting edge of monetary and technological innovation.

Trump’s Executive Order

This legislative effort coincides with a broader push for cryptocurrency acceptance at the federal level. Recently, President Donald Trump issued a comprehensive executive order focusing on the protection and promotion of digital assets. 

The order aims to ensure that banking services remain accessible to cryptocurrency companies, countering claims that regulators have pressured banks to sever ties with these businesses. 

Moreover, the executive order banned the creation of central bank digital currencies (CBDCs) in the US, which could compete with existing cryptocurrencies.

Related Reading: Former Binance CEO CZ Forms Family Office To Navigate Wealth Of $70 Billion

In a notable shift, the US Securities and Exchange Commission (SEC) has also rescinded accounting guidance that had previously hindered companies from safeguarding crypto assets for third parties. 

Such regulatory adjustments are expected to promote greater adoption of digital assets by reducing operational complexities for firms involved in the crypto space.

On the campaign trail, Trump positioned himself as a “crypto president,” pledging support for the adoption of digital assets, a stark contrast to the regulatory approach taken by former President Joe Biden’s administration, which has pursued legal actions against major exchanges like Coinbase and Binance for alleged non-compliance with US laws.

Bitcoin
The 1D chart shows BTC’s price consolidation. Source: BTCUSDT on TradingView.com

At the time of writing, Bitcoin is hovering around the $105,690 mark, reflecting slight decreases of 0.3% over the past 24 hours and 0.7% over the past week. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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