Ohio State Representative proposes BTC reserve bill: as the depreciation of the US dollar accelerates, BTC is needed to protect tax revenue.

Ohio Representative Derek Merrin has proposed the “Ohio BTC Reserve Bill.” The bill aims to establish a BTC fund and authorize state financial officials to purchase BTC as needed to protect the state government’s financial stability and address the risks of USD depreciation. (Background: Former New York Fed President: It is not a good idea for the U.S. to establish a BTC reserve for the government and non-BTC holders) Yesterday, Ohio Representative Derek Merrin introduced the “Ohio BTC Reserve Bill” (House Bill 703), which would allow the state treasury to establish a BTC fund and authorize state financial officials to purchase BTC, but not require them to do so. Representative Merrin stated: “As the depreciation of the USD accelerates, state financial officials should have sufficient authority and flexibility to incorporate BTC into asset allocation to protect tax funds. Ohio must embrace new technologies to avoid further depreciation of fiscal funds.” BTC Reserve Merrin anticipates that with the upcoming Trump administration, there may be a push to establish a national BTC reserve, similar to the proposal by Republican Senator Cynthia Lummis from Wyoming, aiming to improve the U.S. financial situation. Similar bills have also been proposed in Texas, Pennsylvania, and other states to establish state-level BTC reserves. Merrin emphasized: “BTC is revolutionizing the global financial system and reshaping the world economy. We need a stable currency, and BTC is like digital property for every owner. This legislation provides the framework for the Ohio government to utilize BTC, helping to strengthen our state’s financial situation.” Andrew Burchwell, Executive Director of the Ohio Blockchain Association, said: Governments around the world, including the U.S. federal government, as well as states such as Texas, Pennsylvania, and Florida, are considering using BTC as a strategic reserve asset. I commend Representative Merrin for proposing this legislation to ensure that Ohio remains at the forefront of innovation and technology. I look forward to working with state legislative bodies in 2025 to ensure that Ohio can fully seize this opportunity. Merrin’s X Related Reports: It is not a good idea for the U.S. to establish a BTC reserve for the government and non-BTC holders Former New York Fed President: Trump nominates Bensinger as U.S. Treasury Secretary, his position on Cryptocurrency, support for BTC reserves?“Ohio Representative proposes BTC reserve bill: USD depreciation accelerates, need BTC to protect tax revenue” This article was first published in the dynamic BlockTempo, the most influential blockchain news media.