Ohio introduces second Bitcoin reserve bill

The State of Ohio has introduced a second Bitcoin reserve bill as crypto legislation gains momentum across the US ahead of Donald Trump’s inauguration.

Satoshi Act Fund founder Dennis Porter shared during the X Spaces event on December 19 that Ohio House GOP Majority Representative Steve Demetriou is proposing legislation that would allow the state to manage the strategic Bitcoin (BTC) reserve.

Demetriou’s bill follows a similar proposal from Rep. Derek Merrin that would also position Ohio as a Bitcoin reserve holder. Speaking about X Spaces, Demetriou explained that his legislation would allow Ohio to allocate up to 10% of its state-controlled funds towards BTC stock.

“Bitcoin could help tap Ohio’s existing energy reserves,” Demetriou added. Ohio is famous for having huge natural gas reserves and a competitive energy grid.

The Ohio GOP Majority Whip did not offer a specific timeline for passage of the bill but expressed hope that House bureaucracy would not delay progress.

BREAKING: Ohio introduces bill 2 to create Strategic Bitcoin Reserve. It will be the legislator who will enact this.

— Dennis Porter (@Dennis_Porter_) December 19, 2024

Legislative talks in America have increasingly focused on BTC-related proposals following President-elect Donald Trump’s victory in the recent election.

Previously, Porter said the Bitcoin renaissance has been seen gaining momentum in more than 12 states, and that momentum is continuing. Texas, Ohio, and Pennsylvania were a few states considering BTC reserve laws.

In Washington, Senator Cynthia Lummis defended federal BTC reserve policies. Responding to Federal Reserve Chairman Jerome Powell, Lummis argued that the Senate should give the central bank the authority to hold Bitcoin. Powell had previously stated that the Fed cannot own BTC under current laws.