Ohio congressman proposes investing 10% of the state’s budget in bitcoin

The bill has pledged to support the Satoshi Action Fund

27.01.2025 - 09:25

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What’s new? A bill to create a strategic bitcoin reserve has been introduced in the state of Ohio. If it is adopted, the state authorities will be able to allocate up to 10% of budget funds for the purchase of cryptocurrency, said co-founder and CEO of the NPO Satoshi Action Fund Dennis Porter. He said the document, drafted by six authors including House of Representatives member Steve Demetriou, has already received strong support in the local legislature.

Источник: X.com

What else is known? Porter said the bill is technically neutral and uses the term “digital asset” to reduce political friction and allow the state to act quickly to hedge the budget against high inflation.

For example, the document states that to be included in the state’s strategic reserve, the market capitalization of a cryptocurrency must be held at a minimum of $750 billion for 12 months, and currently only bitcoin meets this criterion, it is worth $1,96 trillion.

Thus, clearly not mentioning the first cryptocurrency, the document implies exact investments in bitcoin, which is consistent with Donald Trump’s plans to create a national BTC reserve.

Trump publishes an executive order to protect the rights of citizens and companies to use cryptocurrencies

The executive order also commits a special working group to submit a crypto regulatory bill drafted with industry players

The document also outlines options for storing cryptocurrency, ensuring that state authorities utilize a secure non-custodial solution or turn to a qualified third-party custodian.

Porter stressed that the Satoshi Action Fund fully supports the bill and intends to work closely with its authors and supporters to move toward adoption.

MicroStrategy shareholders approve raising $42 billion by issuing additional shares

The funds will be used to increase investment in bitcoin

Following Trump’s inauguration, Ohio Senator J.D. Vance became vice president. In addition, Republican crypto advocate Bernie Moreno of Ohio also joined the Senate Banking Committee’s subcommittee on digital assets, which cryptocurrency supporter Cynthia Lummis chaired.

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