Ohio Republicans are advancing bills to integrate cryptocurrency into state finances, allowing tax payments and investments in digital assets. Treasurer Robert Sprague leads the effort, citing the need to keep pace with digital payments. However, legislative leaders express caution over the technology's risks.
In Columbus, Ohio, Republicans have intensified efforts to mainstream cryptocurrency, aligning with key GOP figures' priorities. Ohio Treasurer Robert Sprague has been a prominent advocate, recently enabling state agencies to accept digital coin payments. "The world is moving rapidly toward digital payments, and we don't want the state of Ohio to be left behind," Sprague stated in an interview.
Several bills introduced in late 2024 aim to facilitate crypto use. Senate Bill 57 proposes a Bitcoin reserve fund, permitting Ohioans to pay taxes and fees in Bitcoin and donate to the fund. House Bill 116 would allow crypto owners to use digital assets for goods and services while protecting them from certain taxes. House Bill 18 authorizes the treasurer to invest in high-value digital assets for general or reserve funds. House Bill 426 establishes regulations for abandoned cryptocurrency.
This push revives earlier initiatives. In 2018, under then-Treasurer Josh Mandel, Ohio became the first U.S. state to accept crypto for taxes, with Bernie Moreno—now a U.S. senator—making the inaugural payment. The program was suspended within a year after Attorney General Dave Yost ruled it violated protocol, leading to years of legislative inaction.
Bipartisan concerns persist. House Speaker Matt Huffman (R-Lima) remarked, "I think these kinds of risky things, we need to have a long, hard look at... I'm still scratching my head over cryptocurrency." Minority Leader Dani Isaacsohn (D-Cincinnati) added, "We have to be very careful with the crypto industry... We've seen a lot of abuse; Because of a lack of oversight, we've seen a lot of people losing their livelihoods." The FBI reported $9.3 billion in cryptocurrency cybercrime losses in 2024.
Sprague addressed fraud risks, noting the state would convert crypto to dollars immediately upon receipt after months of evaluation. The timing coincides with federal support, including from the Trump administration and 2026 gubernatorial candidate Vivek Ramaswamy, who praised Bitcoin as a symbol of American greatness. Sprague, running for secretary of state, plans to accept crypto campaign donations, converting them to dollars for reporting.
Huffman and Isaacsohn prioritize issues like property taxes and education over crypto, questioning its urgency.