Ohio is advancing its stance on cryptocurrency with new legislation aimed at supporting digital asset owners and potentially establishing a state Bitcoin reserve.
House Bill 116 and House Bill 18 represent significant steps toward integrating blockchain technology and digital assets into Ohio’s financial framework.
According to Ohio Rep. Steve Demetriou, a leading advocate, “Nearly 2 million Ohioans own digital assets. The people have spoken,” emphasizing the growing public support for crypto-friendly policies.
Ohio moves forward with crypto legislation, including tax exemptions and a proposed Bitcoin reserve, reflecting growing digital asset adoption among nearly 2 million residents.
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Ohio is positioning itself as a pioneer in digital finance by advancing legislation that supports cryptocurrency owners and blockchain innovation. The recently passed House Bill 116 exempts crypto owners from minor tax burdens, easing compliance for small transactions and signaling a more welcoming regulatory environment. Meanwhile, House Bill 18, known as the Ohio Strategic Cryptocurrency Reserve Act, proposes allowing the state treasurer to invest up to 10% of certain public funds in high-capitalization cryptocurrencies, with Bitcoin being the primary eligible asset due to its market cap exceeding $2 trillion.
HB 116 aims to formalize blockchain and digital asset regulations within Ohio law while reducing regulatory burdens on miners and users. Rather than focusing exclusively on Bitcoin, the bill broadly addresses digital assets, establishing definitions and protections in the Ohio Revised Code. This approach avoids favoring specific cryptocurrencies and instead creates a framework for future legislation. Rep. Demetriou highlights that this bill is a foundational step, designed to facilitate common-sense regulations that encourage innovation and protect stakeholders across the industry.
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Source: https://en.coinotag.com/ohio-lawmakers-consider-possible-bitcoin-reserve-following-digital-asset-legislation-advances/