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Committee hears sponsor testimony on Ohio Strategic Cryptocurrency Reserve Act; sponsors stress safeguards and custodial rules
Summary
House Bill 18 would allow the state treasurer to invest in high-value digital asset exchange-traded products under specified safeguards. Sponsors told the Technology and Innovation Committee the measure grants but does not mandate investment and would require qualified custodians, market-cap thresholds and other security measures.
The House Technology and Innovation Committee on Wednesday heard sponsor testimony on House Bill 18, the "Ohio Strategic Cryptocurrency Reserve Act," a proposal to authorize the state treasurer to invest state funds in high-value digital-asset exchange-traded products under specific safeguards.
"This legislation is straightforward. It grants but does not mandate the treasurer of the state to invest in high value digital assets in the general or reserve fund," Representative Demetrio told the committee during sponsor testimony, laying out the bill’s objectives and safeguards.
The bill’s author said HB18 would require institutional custody and top-tier security measures rather than allowing management through consumer trading apps or…
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