Members of the Ohio House of Representatives have introduced a bill proposing the establishment of a Bitcoin fund in the state treasury, becoming the third state in the United States to introduce such a bill in just over a month, following Pennsylvania and Texas.
Ohio House Republican Leader Derek Merrin introduced HB 703 on December 17, tentatively named the Ohio Bitcoin Reserve Act, which would give the state treasurer the power to purchase Bitcoin as part of "appropriate asset allocation."
Merrin said in a statement: "The dollar is rapidly depreciating, and our state treasurer should have the power and flexibility to invest in Bitcoin when determining appropriate asset allocation. Ohio must embrace technology and protect tax revenue from being eroded."
Yesterday, Satoshi Action Fund CEO Dennis Porter said that the third state in the United States will officially launch "Strategic Bitcoin Reserve" legislation this week.