Ohio committee holds second hearing on Blockchain Basics Act (HB 116) focused on taxes, mining and custody rules

Representative Steven Demetrio, sponsor of House Bill 116, told the House Technology and Innovation Committee during a second hearing that the measure is intended to "lay the groundwork for the blockchain technology and cryptocurrency regulation" by adding definitions and a framework to the Ohio Revised Code.

The bill attracted three primary proponents: Donovan O'Neil, state director of Americans for Prosperity Ohio; Eric Peterson, policy director of Satoshi Action Fund; and Andrew Burchwell, executive director of the Ohio Blockchain Council. Witnesses said HB 116 would bar targeted taxes on digital assets used for payments, protect self custody of digital assets, clarify money‑transmission rules, and permit mining operations in properly zoned industrial areas while preserving nuisance and permitting limits at the local level.

Why it matters: supporters argued the bill would provide legal certainty for businesses and individuals, align Ohio with recent state measures elsewhere, and help attract investment and jobs. Opponents and several committee members pressed witnesses on local control, pension‑fund language in the bill, reporting burdens tied to capital gains and the practical impacts of mining on energy and neighborhoods.

Supporters'…