As crypto has grown in popularity in recent years, with a growing number of US residents investing in Bitcoin, altcoins, and early-stage offerings like crypto presales, Ohio lawmakers are weighing how the state itself should respond to the changing financial landscape. Two bills introduced in the Ohio House, both sponsored by Rep. Steve Demetriou (R-Bainbridge Township), aim to put digital assets on the state’s agenda.
House Bill 116, known as the Ohio Blockchain Basics Act, would allow Ohioans to pay certain state fees, including business filing costs and other administrative charges, with cryptocurrency. Both Sprague and LaRose voiced support for that idea. The proposal could make government services more accessible and efficient, especially for younger and tech-savvy residents.
House Bill 18, on the other hand, would allow Ohio’s Treasurer’s Office to invest 10% of state interim funds in digital assets, such as Bitcoin, other cryptocurrencies, and NFTs. Demetriou has argued that the reserve could help Ohio keep pace with changes in the global financial system and provide a hedge against inflation or traditional currency risk.
The bill’s language authorizes the treasurer to acquire, hold, and manage these assets either directly or through third-party custodians with cryptocurrency expertise. But the bill leaves many key details open, including how large the reserve would be, which cryptocurrencies could be included, and how the state would protect the assets from theft or loss. Those gaps have made some officials hesitant to fully back the plan.
While Sprague shared some enthusiasm towards the bill, specifically with the idea of Ohio holding long-term assets that can build over time, he made it clear he isn’t convinced that creating a state-run crypto reserve is a safe or responsible move right now. He pointed to the volatility of digital currencies and the difficulty in safely storing them as some reasons for his concern.
Ohio has also been down a similar path before. In 2018, the state briefly allowed businesses to pay taxes using Bitcoin through a platform called OhioCrypto.com. The initiative, launched under then-Treasurer Josh Mandel, was shut down in 2019 after low participation and legal scrutiny. At the time, Sprague, who had just taken office, criticized the program for not undergoing the proper legal approval process and ended it due to compliance concerns.
Still, the conversation in Ohio now mirrors broader national trends. Several other states have considered similar cryptocurrency reserve ideas, especially after Trump’s “Strategic Bitcoin Reserve” announcement in March 2025. On May 6th, it was announced that New Hampshire became the first state to pass the strategic Bitcoin reserve bill into law. However, even that move is viewed cautiously by many financial experts, who warn that most digital assets are still unregulated and carry significant risk for public funds.
Internationally, El Salvador’s adoption of Bitcoin as legal tender in 2021 and creation of a national reserve brought global attention to the concept. But that move has faced criticism from economists and credit agencies due to ongoing financial instability.