{"id":19650,"date":"2024-12-18T11:42:29","date_gmt":"2024-12-18T09:42:29","guid":{"rendered":"https:\/\/forklog.com\/en\/ohio-proposes-bitcoin-reserve-legislation\/"},"modified":"2024-12-18T11:42:29","modified_gmt":"2024-12-18T09:42:29","slug":"ohio-proposes-bitcoin-reserve-legislation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ohio-proposes-bitcoin-reserve-legislation\/","title":{"rendered":"Ohio Proposes Bitcoin Reserve Legislation"},"content":{"rendered":"<p>On December 17, a bill titled HB 703 was introduced to the Ohio House of Representatives, aiming to establish a Bitcoin reserve. The proposal was announced by its author, Republican Derek Merrin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! <\/p>\n<p>Provides state treasurer authority &#038; flexibility to invest in <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <\/p>\n<p>This legislation creates the framework for Ohio\u2019s state government to harness the power of Bitcoin to strengthen our\u2026 <a href=\"https:\/\/t.co\/hSWas2qeQd\">pic.twitter.com\/hSWas2qeQd<\/a><\/p>\n<p>\u2014 Derek Merrin (@DerekMerrin) <a href=\"https:\/\/twitter.com\/DerekMerrin\/status\/1869134602390122545?ref_src=twsrc%5Etfw\">December 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe dollar is rapidly losing value. The state treasury must have the authority and flexibility to invest in Bitcoin. [\u2026] Ohio needs to embrace technology and protect taxpayers&#8217; money from erosion,\u201d the politician noted.<\/p>\n<\/blockquote>\n<p>The bill allows state authorities to acquire the leading cryptocurrency but does not mandate its purchase.<\/p>\n<p>Merrin anticipates that the Trump administration will implement a national Bitcoin reserve project similar to the <a href=\"https:\/\/forklog.com\/en\/news\/senator-cynthia-lummis-proposes-bill-for-us-bitcoin-reserves\">proposal<\/a> by Senator Cynthia Lummis.<\/p>\n<p>He also highlighted similar initiatives in Texas and Pennsylvania.<\/p>\n<p>HB 703 will not be processed during the current 135th session of the House of Representatives, which closes on December 31. Instead, the document will be reintroduced after January 6, 2025.<\/p>\n<p>According to Merrin, this will expedite the processing of HB 703 next year.<\/p>\n<p>Dan Morehead, head of the investment firm Pantera Capital, <a href=\"https:\/\/news.bitcoin.com\/pantera-founder-backs-trumps-bitcoin-reserve-proposal-its-actually-a-really-good-policy\/\">shared<\/a> Merrin&#8217;s expectations regarding a federal Bitcoin reserve.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe US has no other currency. They hold $600 billion in gold\u2014a staggering amount. This is equivalent to 11 million years of American workers&#8217; wages, so it&#8217;s a bit crazy,\u201d Morehead noted.<\/p>\n<\/blockquote>\n<p>Earlier in December, the European Parliament called for the creation of its own Bitcoin reserve.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On December 17, a bill titled HB 703 was introduced to the Ohio House of Representatives, aiming to establish a Bitcoin reserve. The proposal was announced by its author, Republican Derek Merrin. ?Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! Provides state treasurer authority &#038; flexibility to invest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1641,36,26],"class_list":["post-19650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-reserves","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19650"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19649"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}