{"id":9675,"date":"2025-01-25T17:47:02","date_gmt":"2025-01-25T17:47:02","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=9675"},"modified":"2025-01-25T17:47:02","modified_gmt":"2025-01-25T17:47:02","slug":"new-strategic-bitcoin-reserve-bill-ohio-gains-support-from-6-co-sponsors","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=9675","title":{"rendered":"New Strategic Bitcoin Reserve Bill: Ohio Gains Support From 6 Co-Sponsors"},"content":{"rendered":"
\n

In a significant development amid evolving regulatory landscapes in the United States, Ohio has introduced a bill aimed at establishing a Strategic Bitcoin Reserve.\u00a0<\/p>\n

Spearheaded by Majority Whip Steve Demetriou and supported by six co-sponsors, the legislation seeks to enhance the state\u2019s treasury reserves by allowing the allocation of funds into Bitcoin.<\/p>\n

Ohio Bill Proposes Strategic Bitcoin Reserve<\/h2>\n

The bill <\/a>proposes that Ohio can invest up to 10% of its general fund, budget stabilization fund, and prizes trust fund into Bitcoin. This move is seen as a proactive response to rising inflation and the need for innovative financial strategies.\u00a0<\/p>\n

Market expert Dennis Porter, founder of the Satoshi Action Fund, expressed strong support for the bill, highlighting its potential to safeguard Ohio residents\u2019 tax dollars.<\/p>\n

Key features of the proposed legislation include robust custody solutions that mandate either self-custody or the use of a qualified custodian, ensuring the security of the state\u2019s investments<\/a>.\u00a0<\/p>\n

The bill adopts a technology-neutral stance by referring to \u201cdigital assets,\u201d thereby minimizing political friction and facilitating quicker action to protect the purchasing power of state funds.\u00a0<\/p>\n

Notably, the proposal stipulates that only Bitcoin qualifies for the reserve, requiring a market capitalization of $750 billion and an average valuation<\/a> over the preceding 12 months, thereby imposing stringent qualifications. Demetriou emphasized the importance of this initiative, stating on social media:<\/p>\n

Proud to have introduced a bill that will protect Ohio residents\u2019 tax dollars. By allowing an option to invest in a strategic Bitcoin reserve, we can hedge against inflation and keep Ohio on the cutting edge of monetary and technological innovation.<\/p>\n

Trump\u2019s Executive Order<\/h2>\n

This legislative effort coincides with a broader push for cryptocurrency acceptance at the federal level. Recently, President Donald Trump issued <\/a>a comprehensive executive order focusing on the protection and promotion of digital assets.\u00a0<\/p>\n

The order aims to ensure that banking services remain accessible to cryptocurrency companies, countering claims that regulators have pressured banks to sever ties with these businesses.\u00a0<\/p>\n

Moreover, the executive order banned the creation of central bank digital currencies (CBDCs) in the US, which could compete with existing cryptocurrencies.<\/p>\n

In a notable shift, the US Securities and Exchange Commission (SEC) has also rescinded accounting guidance that had previously hindered companies from safeguarding crypto assets for third parties.\u00a0<\/p>\n

Such regulatory adjustments are expected to promote greater adoption of digital assets by reducing operational complexities for firms involved in the crypto space.<\/p>\n

On the campaign trail, Trump positioned himself as a \u201ccrypto president,\u201d pledging support for the adoption of digital assets<\/a>, a stark contrast to the regulatory approach taken by former President Joe Biden\u2019s administration, which has pursued legal actions against major exchanges like Coinbase and Binance for alleged non-compliance with US laws.<\/p>\n

\"Bitcoin\"<\/p>\n

At the time of writing, Bitcoin is hovering around the $105,690 mark, reflecting slight decreases of 0.3% over the past 24 hours and 0.7% over the past week.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a significant development amid evolving regulatory landscapes in the United States, Ohio has introduced a bill aimed at establishing a Strategic Bitcoin Reserve.\u00a0 Spearheaded by Majority Whip Steve Demetriou and supported by six co-sponsors, the legislation seeks to enhance the state\u2019s treasury reserves by allowing the allocation of funds into Bitcoin. Ohio Bill Proposes […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-9675","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9675"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9675\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}