The State of Ohio has introduced a second Bitcoin reserve bill as crypto legislation gains momentum across the U.S. ahead of Donald Trumpโs inauguration.
Ohio House GOP Majority Whip Steve Demetriou proposed legislation to allow the state to manage a strategic Bitcoin (BTC) reserve, Satoshi Act Fund founder Dennis Porter shared on Dec. 19 during an X Spaces event.
Demetriouโs bill follows a similar proposal from Representative Derek Merrin, which would also position Ohio as a Bitcoin reserve holder. Speaking on X Spaces, Demetriou explained that his legislation would enable Ohio to allocate up to 10% of its state-controlled funds toward a BTC stockpile.
โBitcoin can help tap into Ohioโs existing energy reserves,โ Demetriou added. Ohio is famed for having massive natural gas reserves and a competitive energy grid.
The Ohio GOP Majority Whip provided no specific timeline for the billโs passage but expressed hope that House bureaucracy would not delay progress.
American legislative conversations have increasingly focused on BTC-related proposals following President-elect Donald Trumpโs victory in the recent election.
Earlier, Porter said that the Bitcoin renaissance was spotted amassing momentum in over 12 states and counting. Texas, Ohio, and Pennsylvania were a few states that weighed BTC reserve laws.
In Washington, Senator Cynthia Lummis has advocated for federal BTC reserve policies. Responding to Federal Reserve Chair Jerome Powell, Lummis argued that the Senate should authorize the central bank to hold Bitcoin. Powell previously clarified that the Fed cannot own BTC under current laws.
