Ohio is boldly pushing to become a leader in Bitcoin and digital asset regulation with its latest regulatory efforts.
On July 17, the state House Technical Committee unanimously passed the Ohio Blockchain Basic Act (HB 116), taking the bill to the next stage of legislative review. According to the advocacy group Satoshi Action Fund, the bill won 13-0 votes and has shown strong bipartisan support.
Speaking about this aisle, Senator Steve Demetriou emphasized that the bill empowers individuals rather than large banks and financial institutions.
He added that the bill highlighted the decentralized spirit of code and the passion of Ohio, which is the nearly two million people who own digital assets.
Ohio Bitcoin Right Invoice
HB 116 outlines the basic legal definitions of individual rights surrounding blockchain protocols, digital asset mining, and self-reliance and node operations.
The law also aims to protect individuals and businesses engaged in blockchain space, particularly Bitcoin mining and implementing decentralized nodes.
One of the bill’s key features is the “minimum” exemption for Bitcoin payments under $200. If enacted, small purchases made with Bitcoin will not cause capital gains taxes and will remove the major barriers to using crypto in everyday transactions.
Dennis Porter, CEO of Satoshi Action Fund, praised the bill as one of the most powerful Bitcoin rights laws in the US state. He noted that tax exemptions make it easier for people to use Bitcoin as an actual exchange medium, not just as an investment asset.
Other Crypto-centered Invoices
HB 116 is one of three code-centric bills being considered by Ohio legislators.
The other two, HB 18 and SB 57, aim to establish state-level reserves of Bitcoin and other digital assets.
HB18 Summary Status:
“This investment is limited to exchange-traded products with a minimum average market capitalization of $750 billion over the past 12 months and must be held through secure custody solutions, qualified custodians, or registered investment companies.”
Ohio’s legislative push reflects growth trends across several US states. Arizona and New Hampshire already have aggressive strategic Bitcoin Reserve (SBR) laws, while Texas, North Carolina, Montana, Oklahoma and Florida are at various stages of moving forward with similar laws.
As interstate competition grows, Ohio’s latest moves may prove crucial in shaping the future of crypto policy at the state level.