Breaking: Ohio Senator Introduces Bill To Legalize Crypto Payments

Niraj Antani, a Senator in Ohio, has introduced a Bill that, if passed, would legalize crypto payments in the State. The Bill was introduced on September 30 and comes at a time when conversations around cryptocurrency are optimal. With a few months to the Presidential election, it remains unknown how State lawmakers will approach this new Bill and proposal.

Crypto Payments, Litmus Test for Crypto Adoption

In his update on X, Senator Antani said he believes crypto is vital in the future. The bill will show local taxes and fees paid in “Bitcoin and others.”

Crypto payments are considered a major litmus test for digital currency adoption in the country. This subject is considered important many thought the last Presidential election between Donald Trump and Kamala Harris would involve crypto. Despite shunning the subject, both Candidates are doing what they can to woo crypto voters.

Beyond elections and the individual motives of the candidates, many industry leaders believe the United States is lagging in innovation. If passed, this Bill from Sen Antani will restore the original plan of an executive move from State Treasurer Josh Mandel that approved crypto for tax payments in 2018.

After the 2018 landmark move, the State Board of Deposits have failed to ratify this move, necessitating the move from Niraj Antani. If passed, this Bill will position Ohio among some of the most crypto centric states in the country.

Besides the crypto payments aspect of the Bill, Universities and State Pension boards may also invest in the market.

A New Trend To Watch

The race for crypto adoption is growing in the United States. Many businesses are joining the growing list of firms now accepting Bitcoin as a valid means of payment.

Like the Ohio crypto payments bill, State pension boards are also warming up to spot Bitcoin ETF products. As reported by Coingape, the Wisconsin Investmentment Board has invested over $160 million into Bitcoin ETF products. Just like Wisconsin, the Michigan Pension Fund also have a major exposure to Ark 21Shares Bitcoin ETF product.

If allowed to pass, the Ohio Public Employees Retirement System, the largest in the state may allocate some funds into crypto. The fund has over $114 billion in Assets Under Management (AUM) as of December 2023.