Legislation introduced in Ohio aims to authorize state funds to invest in cryptocurrencies, including Bitcoin, representing a significant step toward state-level adoption.
House Bill 18, sponsored by Representative Steve Demetriou, specifically permits designated state funds to allocate capital into digital assets backed by fiat currency or exchange-traded products tied to digital assets.
This bill follows Ohio’s recent passage of House Bill 116, which exempts capital gains tax on small cryptocurrency transactions under $200. Together, HB 18 and HB 116 are viewed as complementary measures positioning Ohio as a potential hub for cryptocurrency innovation.
The regulatory framework within HB 18 includes provisions for oversight and transparency to mitigate risks inherent in cryptocurrency markets, such as price volatility and regulatory uncertainty. The bill mandates compliance with existing financial regulations governing state investments.
Should it become law, HB 18 would establish one of the most direct governmental investment approaches to cryptocurrencies in the United States.