Ohio lawmakers introduce bill to allow state treasury to hold bitcoin

Ohio has become the third US state to introduce a bill allowing state treasury holdings of Bitcoin, joining Texas and Pennsylvania.
On the 17th (local time), Derek Melin, Republican Representative of the Ohio House of Representatives,
Merrin has provisionally introduced the Ohio Bitcoin Reserve Act.
The bill, titled HB 703, would give the state Treasurer the authority to purchase Bitcoin as part of appropriate asset allocation, but would not require it.
"The U.S. dollar is being rapidly devalued, and the Treasurer needs to have the authority and flexibility to invest in Bitcoin when determining appropriate asset allocation," Derek Melin said in a statement.
"Ohio needs to embrace technology and protect our tax dollars from depreciation," he said.
The bill will then be the basis for debate in Ohio's next legislative session.
If the bill is not passed by the end of the current legislative session on Dec. 31, it will be scrapped and reintroduced in the 136th legislative session, which begins on Jan. 6, 2025.
"I hope this bill will pave the way for swift debate next year," he said. "Bitcoin will revolutionize finance and reshape the global economy.
"We need a sound currency, and Bitcoin is like a digital property right for all who own it. This bill would allow the Ohio government to harness Bitcoin's potential."
"This is a fundamental step to strengthen the state's finances and to create a better place for the state," he said. Meanwhile, Derek Melin describes himself as a "strong proponent of crypto assets." He is the CEO of Coinbase.
It has received the highest rating of "A" from Stand With Crypto, a lobbying group for cryptocurrency.