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Ohio committee hears testimony on Blockchain Basics Act, HB 116, with proponents urging legal clarity for crypto and mining
Summary
Representative Stephen Demetrio, sponsor of House Bill 116, told the House Technology and Innovation Committee during a second hearing that the measure — called the Blockchain Basics Act — would "lay[] the groundwork for the blockchain technology and cryptocurrency regulation" by adding definitions and a framework to the Ohio Revised Code.
Representative Stephen Demetrio, sponsor of House Bill 116, told the House Technology and Innovation Committee during a second hearing that the measure — called the Blockchain Basics Act — would "lay[] the groundwork for the blockchain technology and cryptocurrency regulation" by adding definitions and a framework to the Ohio Revised Code.
The bill's proponents, including Donovan O'Neil of Americans for Prosperity Ohio, Eric Peterson of Satoshi Action Fund and Andrew Burchwell of the Ohio Blockchain Council, told committee members the measure aims to provide legal certainty on issues ranging from taxation and money‑transmission treatment to zoning for digital‑asset mining and protections for self‑custody of private keys.
"This legislation we view as critical to fostering innovation, economic growth, and technological advancement here in the Buckeye State," Donovan O'Neil, state director of…
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