SB 57

As Introduced
136th General Assembly
   Regular Session  S. B. No. 57
       2025-2026
  Senator O'Brien
  A BILL
  To amend sections 9.16, 113.40, and 2981.12 and to        1
  enact sections 135.146 and 5703.83 of the  2
  Revised Code to authorize investment of state  3
  funds in bitcoin, to require state entities to  4
  accept payment in cryptocurrency, and to name  5
  this act the Ohio Bitcoin Reserve Act.  6
 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
     Section 1. That sections 9.16, 113.40, and 2981.12 be  7
amended and sections 135.146 and 5703.83 of the Revised Code be  8
enacted to read as follows:  9
     Sec. 9.16. (A) As used in this section:  10
     (1) "Governmental entity" means the state or a political  11
subdivision.  12
     (2) "Political subdivision" has the same meaning as in  13
section 9.48 of the Revised Code.  14
     (3) "State" has the same meaning as in section 2744.01 of  15
the Revised Code.  16
     (B) A governmental entity may utilize distributed ledger  17
technology, including blockchain technology, in the exercise of  18
S. B. No. 57  Page 2
As Introduced
its authority.  19
       (C) A governmental entity shall accept cryptocurrency, as  20
approved by the tax commissioner under section 5703.83 of the  21
Revised Code, for the payment of any tax, fee, cost, charge,  22
assessment, fine, or other payment of expense owed to the  23
governmental entity. The governmental entity may require the  24
payer to pay any service fees associated with the cryptocurrency  25
transaction.  26
       (D) Upon receiving cryptocurrency as payment under  27
division (C) of this section, the governmental entity shall  28
transfer the cryptocurrency to the treasurer of state for  29
investment in accordance with section 135.146 of the Revised  30
Code. The treasurer of state shall reimburse the governmental  31
entity for the value of the cryptocurrency in United States  32
dollars from the Ohio bitcoin investment fund. If the  33
unencumbered balance of the Ohio bitcoin investment fund is  34
insufficient to reimburse the governmental entity, the director  35
of budget and management shall reimburse the remainder from the  36
general revenue fund.  37
       Sec. 113.40. (A) As used in this section:  38
       (1) "Financial transaction device" includes a credit card,  39
debit card, charge card, prepaid or stored value card,  40
cryptocurrency, or automated clearinghouse network credit,  41
debit, or e-check entry that includes, but is not limited to,  42
accounts receivable and internet-initiated, point of purchase,  43
and telephone-initiated applications, or any other device or  44
method for making an electronic payment or transfer of funds.  45
       (2) "State expenses" includes fees, costs, taxes,  46
assessments, fines, penalties, payments, or any other expense a  47
S. B. No. 57  Page 3
As Introduced
person owes to a state office under the authority of a state  48
elected official or to a state entity.  49
       (3) "State elected official" means the governor,  50
lieutenant governor, attorney general, secretary of state,  51
treasurer of state, and auditor of state.  52
       (4) "State entity" includes any state department, agency,  53
board, or commission that deposits funds into the state  54
treasury.  55
       (B) Notwithstanding any other section of the Revised Code  56
and subject to division (D) of this section, the board of  57
deposit may adopt a resolution authorizing the acceptance of  58
payments by financial transaction device to pay for state  59
expenses. The resolution shall include all of the following:  60
       (1) A designation of those state elected officials and  61
state entities authorized to accept payments by financial  62
transaction device;  63
       (2) A list of state expenses that may be paid by the use  64
of a financial transaction device;  65
       (3) Specific identification of financial transaction  66
devices that a state elected official or state entity may  67
authorize as acceptable means of payment for state expenses.  68
Division (B)(3) of this section does not require that the same  69
financial transaction devices be accepted for the payment of  70
different types of state expenses.  71
       (4) The amount, if any, authorized as a surcharge or  72
convenience fee under division (E) of this section for persons  73
using a financial transaction device. Division (B)(4) of this  74
section does not require that the same surcharges or convenience  75
fees be applied to the payment of different types of state  76
S. B. No. 57  Page 4
As Introduced
expenses.  77
       (5) A specific requirement, as provided in division (G) of  78
this section, for the payment of a penalty if a payment made by  79
means of a financial transaction device is returned or  80
dishonored for any reason.  81
       The board of deposit's resolution also shall designate the  82
treasurer of state as the administrative agent to solicit  83
proposals, within guidelines established by the board of deposit  84
in the resolution and in compliance with the procedures provided  85
in division (C) of this section, from financial institutions,  86
issuers of financial transaction devices, and processors of  87
financial transaction devices; to make recommendations about  88
those proposals to the state elected officials; and to assist  89
state offices in implementing the state's financial transaction  90
device acceptance and processing program.  91
       (C) The administrative agent shall follow the procedures  92
provided in this division whenever it plans to contract with  93
financial institutions, issuers of financial transaction  94
devices, or processors of financial transaction devices for the  95
purposes of this section. The administrative agent shall request  96
proposals from at least three financial institutions, issuers of  97
financial transaction devices, or processors of financial  98
transaction devices, as appropriate in accordance with the  99
resolution adopted under division (B) of this section. Prior to  100
sending any financial institution, issuer, or processor a copy  101
of any such request, the administrative agent shall advertise  102
its intent to request proposals for two consecutive weeks by  103
electronic publication on a state agency web site made available  104
to the general public. The notice shall state that the  105
administrative agent intends to request proposals; specify the  106
S. B. No. 57  Page 5
As Introduced
purpose of the request; indicate the date, which shall be at  107
least ten days after the publication, on which the request for  108
proposals will be electronically mailed to financial  109
institutions, issuers, or processors; and require that any  110
financial institution, issuer, or processor, whichever is  111
appropriate, interested in receiving the request for proposals  112
submit written notice of this interest to the administrative  113
agent not later than the day on which the request for proposals  114
will be electronically mailed.  115
       Upon receiving the proposals, the administrative agent  116
shall review them and make a recommendation to the board of  117
deposit regarding which proposals to accept. The board of  118
deposit shall consider the agent's recommendation and review all  119
proposals submitted, and then may choose to contract with any or  120
all of the entities submitting proposals, as appropriate. The  121
board of deposit shall provide any financial institution,  122
issuer, or processor that submitted a proposal, but with which  123
the board does not enter into a contract, notice that its  124
proposal is rejected.  125
       (D) The board of deposit shall send a copy of the  126
resolution adopted under division (B) of this section to each  127
state elected official and state entity authorized to accept  128
payments for state expenses by financial transaction device.  129
After receiving the resolution and before accepting such  130
payments by financial transaction device, such a state elected  131
official or state entity shall provide written notification to  132
the administrative agent of the official's or entity's intent to  133
implement the resolution within the official's or entity's  134
office. Each state office or entity subject to the board's  135
resolution adopted under division (B) of this section shall use  136
only the financial institutions, issuers of financial  137
S. B. No. 57  Page 6
As Introduced
transaction devices, and processors of financial transaction  138
devices with which the board of deposit contracts, and each such  139
office or entity is subject to the terms of those contracts.  140
       If a state entity under the authority of a state elected  141
official is directly responsible for collecting one or more  142
state expenses and the state elected official determines not to  143
accept payments by financial transaction device for one or more  144
of those expenses, the office is not required to accept payments  145
by financial transaction device for those expenses,  146
notwithstanding the adoption of a resolution by the board of  147
deposit under division (B) of this section.  148
       (E) The board of deposit may establish a surcharge or  149
convenience fee that may be imposed upon a person making payment  150
by a financial transaction device. The surcharge or convenience  151
fee shall not be imposed unless authorized or otherwise  152
permitted by the rules prescribed under a contract, between the  153
financial institution, issuer, or processor and the  154
administrative agent, governing the use and acceptance of the  155
financial transaction device.  156
       The establishment of a surcharge or convenience fee shall  157
follow the guidelines of the financial institution, issuer of  158
financial transaction devices, or processor of financial  159
transaction devices with which the board of deposit contracts.  160
       If a surcharge or convenience fee is imposed, every state  161
entity accepting payment by a financial transaction device,  162
regardless of whether that entity is subject to a resolution  163
adopted by the board of deposit, shall clearly post a notice in  164
the entity's office, and shall notify each person making a  165
payment by such a device, about the surcharge or fee. Notice to  166
each person making a payment shall be provided regardless of the  167
S. B. No. 57  Page 7
As Introduced
medium used to make the payment and in a manner appropriate to  168
that medium. Each notice shall include all of the following:  169
       (1) A statement that there is a surcharge or convenience  170
fee for using a financial transaction device;  171
       (2) The total amount of the charge or fee expressed in  172
dollars and cents for each transaction, or the rate of the  173
charge or fee expressed as a percentage of the total amount of  174
the transaction, whichever is applicable;  175
       (3) A clear statement that the surcharge or convenience  176
fee is nonrefundable.  177
       (F) If a person elects to make a payment by a financial  178
transaction device and a surcharge or convenience fee is  179
imposed, the payment of the surcharge or convenience fee is not  180
refundable.  181
       (G) If a person makes payment by a financial transaction  182
device and the payment is returned or dishonored for any reason,  183
the person is liable to the state for the state expense and any  184
reimbursable costs for collection, including banking charges,  185
legal fees, or other expenses incurred by the state in  186
collecting the returned or dishonored payment. The remedies and  187
procedures provided in this section are in addition to any other  188
available civil or criminal remedies provided by law.  189
       (H) No person making any payment by a financial  190
transaction device to a state office shall be relieved from  191
liability for the underlying obligation, except to the extent  192
that the state realizes final payment of the underlying  193
obligation in cash or its equivalent. If final payment is not  194
made by the financial transaction device issuer or other  195
guarantor of payment in the transaction, the underlying  196
S. B. No. 57  Page 8
As Introduced
obligation survives and the state shall retain all remedies for  197
enforcement that would have applied if the transaction had not  198
occurred.  199
       (I) A state entity or employee who accepts a financial  200
transaction device payment in accordance with this section and  201
any applicable state or local policies or rules is immune from  202
personal liability for the final collection of such payments as  203
specified in section 9.87 of the Revised Code.  204
       (J) If the board of deposit determines that it is  205
necessary and in the state's best interest to contract with an  206
additional entity subsequent to the contract award made under  207
division (C) of this section, the board may meet and choose to  208
contract with one or more additional entities for the remainder  209
of the period previously established by a contract award made  210
under division (C) of this section.  211
       (K) (K)(1) A state entity that accepts cryptocurrency as  212
payment of state expenses shall convert the cryptocurrency to an  213
equivalent value of bitcoin, as defined in section 135.146 of  214
the Revised Code, and transfer the bitcoin to the credit of the  215
Ohio bitcoin reserve fund.  216
       (2) The treasurer of state shall compensate a state entity  217
for the bitcoin in an equivalent value of United States dollars  218
of the bitcoin received.  219
       (L) The administrative agent, in cooperation with the  220
office of budget and management, may adopt, amend, and rescind  221
rules in accordance with section 111.15 of the Revised Code to  222
implement and administer this section.  223
       Sec. 135.146. (A) As used in this section:  224
       (1) "Bitcoin" means the decentralized digital asset  225
S. B. No. 57  Page 9
As Introduced
created by a peer-to-peer network, which operates with no  226
central authority or banks.  227
       (2) "Donor" means a resident of this state who gifts,  228
grants, donates, bequests, or devises bitcoin to the Ohio  229
bitcoin reserve fund.  230
       (3) "Private key" means a unique element of cryptographic  231
data used for signing transactions on a blockchain that is known  232
to the owner of the unique element.  233
       (4) "Political subdivision" has the same meaning as in  234
section 2744.01 of the Revised Code.  235
       (5) "Secure custody solution" means a technological  236
product or blended product and service that has all of the  237
following characteristics:  238
       (a) The private keys that secure digital assets are  239
exclusively known to, and accessible by, the government entity.  240
       (b) The private keys that secure digital assets are  241
exclusively contained within an encrypted environment and are  242
accessible only via end-to-end encrypted channels.  243
       (c) The private keys that secure digital assets are not at  244
any time contained by, accessible by, or controllable via a  245
smartphone or any other unauthorized electronic means.  246
       (d) Any hardware that contains the private keys that  247
secure digital assets is maintained in at least two  248
geographically diversified locations.  249
       (e) The secure custody solution enforces a multi-party  250
governance structure for authorizing transactions, enforces user  251
access controls, and logs all user-initiated actions.  252
S. B. No. 57  Page 10
As Introduced
       (f) The provider of the secure custody solution has  253
implemented a disaster recovery protocol that ensures customer  254
access to digital assets in the event the provider becomes  255
unavailable.  256
       (g) The secure custody solution undergoes regular code  257
audits and penetration testing from audit firms, and any  258
identified vulnerabilities are promptly remedied.  259
       (6) "Qualified custodian" means any federal or state-  260
chartered bank, trust company, or a company regulated by the  261
state that has custody of bitcoin.  262
       (B) The Ohio bitcoin reserve fund is created in the state  263
treasury. The fund shall consist of amounts transferred to it  264
pursuant to section 2981.12 of the Revised Code and by acts of  265
the general assembly. The treasurer of state shall administer  266
the Ohio bitcoin reserve fund in accordance with the  267
requirements of this section.  268
       (C) The treasurer of state may use the interim money of  269
the state and amounts deposited to the Ohio bitcoin reserve fund  270
to acquire bitcoin as an investment. The treasurer of state  271
shall hold bitcoin acquired under this section for at least five  272
years following the date that the bitcoin enters the state's  273
custody. After the five-year holding period, the treasurer of  274
state may transfer, sell, appropriate, or convert the bitcoin to  275
another cryptocurrency.  276
       (D) Any bitcoin acquired as an investment under this  277
section must be held using a secure custody solution by either  278
the treasurer of state or a qualified custodian.  279
       (E) The treasurer of state may accept gifts, grants, and  280
donations of bitcoin from any of the following:  281
S. B. No. 57  Page 11
As Introduced
       (1) A resident of this state;  282
       (2) The state, a political subdivision, or an agency or  283
instrumentality of the state or a political subdivision;  284
       (3) A state institution of higher education, as defined in  285
section 3345.011 of the Revised Code.  286
       (F) The treasurer of state shall develop a process by  287
which donors may contribute bitcoin to the Ohio bitcoin reserve  288
fund. Upon request, the treasurer of state may issue a  289
certificate of acknowledgement to a donor. The treasurer of  290
state may also establish a recognition program to publicly honor  291
significant contributions made to the fund by donors.  292
       (G)(1) The treasurer of state shall prepare a biennial  293
report that includes all of the following information:  294
       (a) The total amount of bitcoin held by the state as an  295
investment under this section;  296
       (b) The equivalent value of the bitcoin expressed in  297
United States dollars;  298
       (c) The net change in amount and value reported under  299
divisions (G)(1)(a) and (b) of this section since the last  300
report;  301
       (d) Any transactions or expenditures related to this  302
section since the previous report;  303
       (e) Any security threats experienced in administering this  304
section since the previous report.  305
       (2) Not later than the thirty-first day of December of  306
each even-numbered year, the treasurer of state shall  307
electronically publish the report on the treasurer of state's  308
S. B. No. 57  Page 12
As Introduced
web site and notify the general assembly that the report is  309
available.  310
       (H) The treasurer of state may adopt rules in accordance  311
with Chapter 119. of the Revised Code to administer this  312
section, including rules concerning security protocols,  313
reporting standards, donation procedures, and a process for  314
returning bitcoin contributed by any person or entity other than  315
those described in division (E) of this section.  316
       Sec. 2981.12. (A) Unclaimed or forfeited property in the  317
custody of a law enforcement agency, other than property  318
described in division (A)(2) of section 2981.11 of the Revised  319
Code, shall be disposed of by order of any court of record that  320
has territorial jurisdiction over the political subdivision that  321
employs the law enforcement agency, as follows:  322
       (1) Drugs shall be disposed of pursuant to section 3719.11  323
of the Revised Code or placed in the custody of the secretary of  324
the treasury of the United States for disposal or use for  325
medical or scientific purposes under applicable federal law.  326
       (2) Firearms and dangerous ordnance suitable for police  327
work may be given to a law enforcement agency for that purpose.  328
Firearms suitable for sporting use or as museum pieces or  329
collectors' items may be sold at public auction pursuant to  330
division (B) of this section. The agency may sell other firearms  331
and dangerous ordnance to a federally licensed firearms dealer  332
in a manner that the court considers proper. The agency shall  333
destroy any firearms or dangerous ordnance not given to a law  334
enforcement agency or sold or shall send them to the bureau of  335
criminal identification and investigation for destruction by the  336
bureau.  337
S. B. No. 57  Page 13
As Introduced
       (3) Obscene materials shall be destroyed.  338
       (4) Beer, intoxicating liquor, or alcohol seized from a  339
person who does not hold a permit issued under Chapters 4301.  340
and 4303. of the Revised Code or otherwise forfeited to the  341
state for an offense under section 4301.45 or 4301.53 of the  342
Revised Code shall be sold by the division of liquor control if  343
the division determines that it is fit for sale or shall be  344
placed in the custody of the investigations unit in the  345
department of public safety and be used for training relating to  346
law enforcement activities. The department, with the assistance  347
of the division of liquor control, shall adopt rules in  348
accordance with Chapter 119. of the Revised Code to provide for  349
the distribution to state or local law enforcement agencies upon  350
their request. If any tax imposed under Title XLIII of the  351
Revised Code has not been paid in relation to the beer,  352
intoxicating liquor, or alcohol, any moneys acquired from the  353
sale shall first be used to pay the tax. All other money  354
collected under this division shall be paid into the state  355
treasury. Any beer, intoxicating liquor, or alcohol that the  356
division determines to be unfit for sale shall be destroyed.  357
       (5) Money received by an inmate of a correctional  358
institution from an unauthorized source or in an unauthorized  359
manner shall be returned to the sender, if known, or deposited  360
in the inmates' industrial and entertainment fund of the  361
institution if the sender is not known.  362
       (6)(a) Any mobile instrumentality forfeited under this  363
chapter may be given to the law enforcement agency that  364
initially seized the mobile instrumentality for use in  365
performing its duties, if the agency wants the mobile  366
instrumentality. The agency shall take the mobile  367
S. B. No. 57  Page 14
As Introduced
instrumentality subject to any security interest or lien on the  368
mobile instrumentality.  369
       (b) Vehicles and vehicle parts forfeited under sections  370
4549.61 to 4549.63 of the Revised Code may be given to a law  371
enforcement agency for use in performing its duties. Those parts  372
may be incorporated into any other official vehicle. Parts that  373
do not bear vehicle identification numbers or derivatives of  374
them may be sold or disposed of as provided by rules of the  375
director of public safety. Parts from which a vehicle  376
identification number or derivative of it has been removed,  377
defaced, covered, altered, or destroyed and that are not  378
suitable for police work or incorporation into an official  379
vehicle shall be destroyed and sold as junk or scrap.  380
       (7) Computers, computer networks, computer systems, and  381
computer software suitable for police work may be given to a law  382
enforcement agency for that purpose or disposed of under  383
division (B) of this section.  384
       (8) Money seized in connection with a violation of section  385
2905.32, 2907.21, or 2907.22 of the Revised Code shall be  386
deposited in the victims of human trafficking fund created by  387
section 5101.87 of the Revised Code.  388
       (9) Bitcoin, as defined in section 135.146 of the Revised  389
Code, may be transferred to the Ohio bitcoin reserve fund  390
created in section 131.62 of the Revised Code or disposed of  391
under division (B) of this section.  392
       (B) Unclaimed or forfeited property that is not described  393
in division (A) of this section or division (A)(2) of section  394
2981.11 of the Revised Code, with court approval, may be used by  395
the law enforcement agency in possession of it. If it is not  396
S. B. No. 57  Page 15
As Introduced
used by the agency, it may be sold without appraisal at a public  397
auction to the highest bidder for cash or disposed of in another  398
manner that the court considers proper.  399
       (C) Except as provided in divisions (A) and (F) of this  400
section and after compliance with division (D) of this section  401
when applicable, any moneys acquired from the sale of property  402
disposed of pursuant to this section shall be placed in the  403
general revenue fund of the state, or the general fund of the  404
county, the township, or the municipal corporation of which the  405
law enforcement agency involved is an agency.  406
       (D) If the property was in the possession of the law  407
enforcement agency in relation to a delinquent child proceeding  408
in a juvenile court, ten per cent of any moneys acquired from  409
the sale of property disposed of under this section shall be  410
applied to one or more community addiction services providers,  411
as defined in section 5119.01 of the Revised Code. A juvenile  412
court shall not specify a services provider, except as provided  413
in this division, unless the services provider is in the same  414
county as the court or in a contiguous county. If no services  415
provider is located in any of those counties, the juvenile court  416
may specify a services provider anywhere in Ohio. The remaining  417
ninety per cent of the proceeds or cash shall be applied as  418
provided in division (C) of this section.  419
       Each services provider that receives in any calendar year  420
forfeited money under this division shall file an annual report  421
for that year with the attorney general and with the court of  422
common pleas and board of county commissioners of the county in  423
which the services provider is located and of any other county  424
from which the services provider received forfeited money. The  425
services provider shall file the report on or before the first  426
S. B. No. 57  Page 16
As Introduced
day of March in the calendar year following the calendar year in  427
which the services provider received the money. The report shall  428
include statistics on the number of persons the services  429
provider served, identify the types of treatment services it  430
provided to them, and include a specific accounting of the  431
purposes for which it used the money so received. No information  432
contained in the report shall identify, or enable a person to  433
determine the identity of, any person served by the services  434
provider.  435
       (E) Each community addiction services provider that  436
receives in any calendar year money under this section or under  437
section 2981.13 of the Revised Code as the result of a juvenile  438
forfeiture order shall file an annual report for that calendar  439
year with the attorney general and with the court of common  440
pleas and board of county commissioners of the county in which  441
the services provider is located and of any other county from  442
which the services provider received the money. The services  443
provider shall file the report on or before the first day of  444
March in the calendar year following the year in which the  445
services provider received the money. The report shall include  446
statistics on the number of persons served with the money,  447
identify the types of treatment services provided, and  448
specifically account for how the money was used. No information  449
in the report shall identify or enable a person to determine the  450
identity of anyone served by the services provider.  451
       As used in this division, "juvenile-related forfeiture  452
order" means any forfeiture order issued by a juvenile court  453
under section 2981.04 or 2981.05 of the Revised Code and any  454
disposal of property ordered by a court under section 2981.11 of  455
the Revised Code regarding property that was in the possession  456
of a law enforcement agency in relation to a delinquent child  457
S. B. No. 57  Page 17
As Introduced
proceeding in a juvenile court.  458
       (F) Each board of county commissioners that recognizes a  459
citizens' reward program under section 9.92 of the Revised Code  460
shall notify each law enforcement agency of that county and of a  461
township or municipal corporation wholly located in that county  462
of the recognition by filing a copy of its resolution conferring  463
that recognition with each of those agencies. When the board  464
recognizes a citizens' reward program and the county includes a  465
part, but not all, of the territory of a municipal corporation,  466
the board shall so notify the law enforcement agency of that  467
municipal corporation of the recognition of the citizens' reward  468
program only if the county contains the highest percentage of  469
the municipal corporation's population.  470
       Upon being so notified, each law enforcement agency shall  471
pay twenty-five per cent of any forfeited proceeds or cash  472
derived from each sale of property disposed of pursuant to this  473
section to the citizens' reward program for use exclusively to  474
pay rewards. No part of the funds may be used to pay expenses  475
associated with the program. If a citizens' reward program that  476
operates in more than one county or in another state in addition  477
to this state receives funds under this section, the funds shall  478
be used to pay rewards only for tips and information to law  479
enforcement agencies concerning offenses committed in the county  480
from which the funds were received.  481
       Receiving funds under this section or section 2981.11 of  482
the Revised Code does not make the citizens' reward program a  483
governmental unit or public office for purposes of section  484
149.43 of the Revised Code.  485
       (G) Any property forfeited under this chapter shall not be  486
used to pay any fine imposed upon a person who is convicted of  487
S. B. No. 57  Page 18
As Introduced
or pleads guilty to an underlying criminal offense or a  488
different offense arising out of the same facts and  489
circumstances.  490
       (H) Any moneys acquired from the sale of personal effects,  491
tools, or other property seized because the personal effects,  492
tools, or other property were used in the commission of a  493
violation of section 2905.32, 2907.21, or 2907.22 of the Revised  494
Code or derived from the proceeds of the commission of a  495
violation of section 2905.32, 2907.21, or 2907.22 of the Revised  496
Code and disposed of pursuant to this section shall be placed in  497
the victims of human trafficking fund created by section 5101.87  498
of the Revised Code.  499
       Sec. 5703.83. (A) As used in this section,  500
"cryptocurrency" means a digital representation of value that  501
functions as a medium of exchange, unit of account, or store of  502
value, which may be bought, sold, or traded securely, in which  503
the generation of units is regulated, transactions are verified,  504
and records are maintained by a decentralized system using  505
cryptography, such as blockchain or similar distributed ledger  506
technology, and for which there is a reasonable expectation that  507
it will maintain a stable value relative to a fixed amount of  508
monetary value. "Cryptocurrency" does not include a national  509
currency.  510
       (B) The tax commissioner, on or before the thirtieth day  511
of June of each year, shall approve and publish on the  512
department of taxation's web site a list of cryptocurrencies  513
acceptable for the payment of any tax, fee, cost, charge,  514
assessment, fine, or other payment of expense under section 9.16  515
of the Revised Code.  516
       Section 2. That existing sections 9.16, 113.40, and  517
S. B. No. 57  Page 19
As Introduced
2981.12 of the Revised Code are hereby repealed.  518
       Section 3. This act shall be known as the Ohio Bitcoin  519
Reserve Act.  520