- Ohio R-Derek Merrin has come out in favor of a pro-crypto initiative
- House Bill 703 also known as the Ohio Bitcoin Reserve Act
Ohio representative Derek Merrin has come out in favor of a Bitcoin reserve initiative, joining states like Texas in doing so.
He sees a lot of potential in this and links it to the initiatives of Senator Cynthia Lummis of Wyoming, while crypto industry leaders have met it very favorably.
More About the Pro Crypto Initiative by Derek Merrin
More specifically, we are talking about House Bill 703 also known as the Ohio Bitcoin Reserve Act which outlines the purchase of Bitcoin for Ohio’s reserves, similar to pro crypto initiatives from Texas.
These are private initiatives for self-state management of Bitcoin reserves alongside the more general state initiatives that we heard even earlier from Senator Cynthia Lummis and which are being heard more frequently with the election victory of Donald Trump and his pro crypto initiatives.
Derek Merrin’s initiative was welcomed by industry leaders and for example, Andrew Burchwell, Executive Director of the Ohio Blockchain Council commented:
“Governments worldwide are considering investment in Bitcoin as a strategic reserve asset, including the U.S. federal government and states like Texas, Pennsylvania, and Florida. I applaud Representative Merrin for introducing this legislation to ensure Ohio is positioned as a leader in innovation and technology.”
Conclusion
The idea of a Bitcoin reserve is gaining popularity in the US, while in countries like El Salvador, it has been a viable strategy for several years.
Let’s see if this is realized in the US, if Donald Trump’s presidency will have an impact on it, and how the markets will react in such a case.
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