Yelewan (CoinChapter.com) - Ohio Senator Sandra O'Brien introduced Senate Bill 57 (SB57) on January 28 to establish the Ohio Bitcoin Reserve Fund. The bill, which was referred to the Financial Institutions, Insurance, and Technology Committee on January 29, would allow the state treasurer to invest state funds exclusively in Bitcoin, excluding other cryptocurrencies.

The bill requires Bitcoin holdings to be retained for at least five years. It also requires a secure custody solution for digital asset storage. O'Brien said at X that Ohio must be at the forefront of Bitcoin adoption.

Trump’s Cryptocurrency Task Force and Ohio’s Plan
Former President Donald Trump signed an executive order on Jan. 23 to create a cryptocurrency task force. The task force will study potential digital asset policies, including the idea of a “national digital asset reserve.”
O'Brien linked her proposal to this initiative. She wrote:

“Cryptocurrency will be a big part of Trump’s presidency. When his task force releases its recommendations, Ohio will be ready.”
Ohio agency accepts Bitcoin payments
The bill includes a provision requiring state agencies, universities and government entities to accept Bitcoin and other cryptocurrencies for payment of taxes, fees, fines and government charges. However, all funds received must be converted into Bitcoin and transferred to the Ohio Bitcoin Reserve Fund.

Additionally, the bill would allow Ohio residents, state agencies, and universities to donate bitcoin to the reserve fund. The state treasurer would be able to create a recognition program for significant contributors.

Another Bitcoin Reserve Bill in Ohio
SB57 follows a similar bill introduced by Ohio House Republican Leader Derek Merlin in December 2023. His proposal, House Bill 703 (HB703), also seeks to give the state treasurer the power to invest in Bitcoin.
At the time, Merlin said:

“The dollar is rapidly depreciating, and our state treasurers should have the authority and flexibility to invest in Bitcoin when determining appropriate asset allocation.”
In September 2023, Ohio Senator Neeraj Antani introduced another bill that would allow the state to accept cryptocurrency for payment of taxes and fees. These efforts show Ohio's growing interest in using Bitcoin for state financial operations.

US states expand Bitcoin reserve programs
Ohio is one of twelve U.S. states that have proposed allowing state treasuries to hold Bitcoin. Arizona and Utah are currently working on Bitcoin reserve bills.
In January 2024, a Utah House of Representatives committee passed a bill allowing the state to invest public funds in Bitcoin. More and more states are considering incorporating Bitcoin investment strategies into their fiscal policies.

Bitcoin Reserve Act Gains Support
Several states in the U.S. are discussing state-controlled Bitcoin reserves as lawmakers assess how Bitcoin investments fit into state fiscal strategies.
According to Bitcoin Reserve Monitor data, a growing number of states are reviewing similar proposals, reflecting the growing attention paid to Bitcoin as a potential asset for state treasuries.