As Introduced
136th General Assembly
Regular Session S. B. No. 57
2025-2026
Senator O'Brien
A B I LL
To amend sections 9.16, 113.40, and 2981.12 and to
enact sections 135.146 and 5703.83 of the
Revised Code to authorize investment of state
funds in bitcoin, to require state entities to
accept payment in cryptocurrency, and to name
this act the Ohio Bitcoin Reserve Act.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 9.16, 113.40, and 2981.12 be
amended and sections 135.146 and 5703.83 of the Revised Code be
enacted to read as follows:
Sec. 9.16. (A) As used in this section:
(1) "Governmental entity" means the state or a political
subdivision.
(2) "Political subdivision" has the same meaning as in
section 9.48 of the Revised Code.
(3) "State" has the same meaning as in section 2744.01 of
the Revised Code.
(B) A governmental entity may utilize distributed ledger
technology, including blockchain technology, in the exercise of
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its authority.
(C) A governmental entity shall accept cryptocurrency, as
approved by the tax commissioner under section 5703.83 of the
Revised Code, for the payment of any tax, fee, cost, charge,
assessment, fine, or other payment of expense owed to the
governmental entity. The governmental entity may require the
payer to pay any service fees associated with the cryptocurrency
transaction.
(D) Upon receiving cryptocurrency as payment under
division (C) of this section, the governmental entity shall
transfer the cryptocurrency to the treasurer of state for
investment in accordance with section 135.146 of the Revised
Code. The treasurer of state shall reimburse the governmental
entity for the value of the cryptocurrency in United States
dollars from the Ohio bitcoin investment fund. If the
unencumbered balance of the Ohio bitcoin investment fund is
insufficient to reimburse the governmental entity, the director
of budget and management shall reimburse the remainder from the
general revenue fund.
Sec. 113.40. (A) As used in this section:
(1) "Financial transaction device" includes a credit card,
debit card, charge card, prepaid or stored value card,
cryptocurrency, or automated clearinghouse network credit,
debit, or e-check entry that includes, but is not limited to,
accounts receivable and internet-initiated, point of purchase,
and telephone-initiated applications, or any other device or
method for making an electronic payment or transfer of funds.
(2) "State expenses" includes fees, costs, taxes,
assessments, fines, penalties, payments, or any other expense a
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person owes to a state office under the authority of a state
elected official or to a state entity.
(3) "State elected official" means the governor,
lieutenant governor, attorney general, secretary of state,
treasurer of state, and auditor of state.
(4) "State entity" includes any state department, agency,
board, or commission that deposits funds into the state
treasury.
(B) Notwithstanding any other section of the Revised Code
and subject to division (D) of this section, the board of
deposit may adopt a resolution authorizing the acceptance of
payments by financial transaction device to pay for state
expenses. The resolution shall include all of the following:
(1) A designation of those state elected officials and
state entities authorized to accept payments by financial
transaction device;
(2) A list of state expenses that may be paid by the use
of a financial transaction device;
(3) Specific identification of financial transaction
devices that a state elected official or state entity may
authorize as acceptable means of payment for state expenses.
Division (B)(3) of this section does not require that the same
financial transaction devices be accepted for the payment of
different types of state expenses.
(4) The amount, if any, authorized as a surcharge or
convenience fee under division (E) of this section for persons
using a financial transaction device. Division (B)(4) of this
section does not require that the same surcharges or convenience
fees be applied to the payment of different types of state
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expenses.
(5) A specific requirement, as provided in division (G) of
this section, for the payment of a penalty if a payment made by
means of a financial transaction device is returned or
dishonored for any reason.
The board of deposit's resolution also shall designate the
treasurer of state as the administrative agent to solicit
proposals, within guidelines established by the board of deposit
in the resolution and in compliance with the procedures provided
in division (C) of this section, from financial institutions,
issuers of financial transaction devices, and processors of
financial transaction devices; to make recommendations about
those proposals to the state elected officials; and to assist
state offices in implementing the state's financial transaction
device acceptance and processing program.
(C) The administrative agent shall follow the procedures
provided in this division whenever it plans to contract with
financial institutions, issuers of financial transaction
devices, or processors of financial transaction devices for the
purposes of this section. The administrative agent shall request
proposals from at least three financial institutions, issuers of
financial transaction devices, or processors of financial
transaction devices, as appropriate in accordance with the
resolution adopted under division (B) of this section. Prior to
sending any financial institution, issuer, or processor a copy
of any such request, the administrative agent shall advertise
its intent to request proposals for two consecutive weeks by
electronic publication on a state agency web site made available
to the general public. The notice shall state that the
administrative agent intends to request proposals; specify the
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purpose of the request; indicate the date, which shall be at
least ten days after the publication, on which the request for
proposals will be electronically mailed to financial
institutions, issuers, or processors; and require that any
financial institution, issuer, or processor, whichever is
appropriate, interested in receiving the request for proposals
submit written notice of this interest to the administrative
agent not later than the day on which the request for proposals
will be electronically mailed.
Upon receiving the proposals, the administrative agent
shall review them and make a recommendation to the board of
deposit regarding which proposals to accept. The board of
deposit shall consider the agent's recommendation and review all
proposals submitted, and then may choose to contract with any or
all of the entities submitting proposals, as appropriate. The
board of deposit shall provide any financial institution,
issuer, or processor that submitted a proposal, but with which
the board does not enter into a contract, notice that its
proposal is rejected.
(D) The board of deposit shall send a copy of the
resolution adopted under division (B) of this section to each
state elected official and state entity authorized to accept
payments for state expenses by financial transaction device.
After receiving the resolution and before accepting such
payments by financial transaction device, such a state elected
official or state entity shall provide written notification to
the administrative agent of the official's or entity's intent to
implement the resolution within the official's or entity's
office. Each state office or entity subject to the board's
resolution adopted under division (B) of this section shall use
only the financial institutions, issuers of financial
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transaction devices, and processors of financial transaction
devices with which the board of deposit contracts, and each such
office or entity is subject to the terms of those contracts.
If a state entity under the authority of a state elected
official is directly responsible for collecting one or more
state expenses and the state elected official determines not to
accept payments by financial transaction device for one or more
of those expenses, the office is not required to accept payments
by financial transaction device for those expenses,
notwithstanding the adoption of a resolution by the board of
deposit under division (B) of this section.
(E) The board of deposit may establish a surcharge or
convenience fee that may be imposed upon a person making payment
by a financial transaction device. The surcharge or convenience
fee shall not be imposed unless authorized or otherwise
permitted by the rules prescribed under a contract, between the
financial institution, issuer, or processor and the
administrative agent, governing the use and acceptance of the
financial transaction device.
The establishment of a surcharge or convenience fee shall
follow the guidelines of the financial institution, issuer of
financial transaction devices, or processor of financial
transaction devices with which the board of deposit contracts.
If a surcharge or convenience fee is imposed, every state
entity accepting payment by a financial transaction device,
regardless of whether that entity is subject to a resolution
adopted by the board of deposit, shall clearly post a notice in
the entity's office, and shall notify each person making a
payment by such a device, about the surcharge or fee. Notice to
each person making a payment shall be provided regardless of the
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medium used to make the payment and in a manner appropriate to
that medium. Each notice shall include all of the following:
(1) A statement that there is a surcharge or convenience
fee for using a financial transaction device;
(2) The total amount of the charge or fee expressed in
dollars and cents for each transaction, or the rate of the
charge or fee expressed as a percentage of the total amount of
the transaction, whichever is applicable;
(3) A clear statement that the surcharge or convenience
fee is nonrefundable.
(F) If a person elects to make a payment by a financial
transaction device and a surcharge or convenience fee is
imposed, the payment of the surcharge or convenience fee is not
refundable.
(G) If a person makes payment by a financial transaction
device and the payment is returned or dishonored for any reason,
the person is liable to the state for the state expense and any
reimbursable costs for collection, including banking charges,
legal fees, or other expenses incurred by the state in
collecting the returned or dishonored payment. The remedies and
procedures provided in this section are in addition to any other
available civil or criminal remedies provided by law.
(H) No person making any payment by a financial
transaction device to a state office shall be relieved from
liability for the underlying obligation, except to the extent
that the state realizes final payment of the underlying
obligation in cash or its equivalent. If final payment is not
made by the financial transaction device issuer or other
guarantor of payment in the transaction, the underlying
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obligation survives and the state shall retain all remedies for
enforcement that would have applied if the transaction had not
occurred.
(I) A state entity or employee who accepts a financial
transaction device payment in accordance with this section and
any applicable state or local policies or rules is immune from
personal liability for the final collection of such payments as
specified in section 9.87 of the Revised Code.
(J) If the board of deposit determines that it is
necessary and in the state's best interest to contract with an
additional entity subsequent to the contract award made under
division (C) of this section, the board may meet and choose to
contract with one or more additional entities for the remainder
of the period previously established by a contract award made
under division (C) of this section.
(K) (K)(1) A state entity that accepts cryptocurrency as
payment of state expenses shall convert the cryptocurrency to an
equivalent value of bitcoin, as defined in section 135.146 of
the Revised Code, and transfer the bitcoin to the credit of the
Ohio bitcoin reserve fund.
(2) The treasurer of state shall compensate a state entity
for the bitcoin in an equivalent value of United States dollars
of the bitcoin received.
(L) The administrative agent, in cooperation with the
office of budget and management, may adopt, amend, and rescind
rules in accordance with section 111.15 of the Revised Code to
implement and administer this section.
Sec. 135.146. (A) As used in this section:
(1) "Bitcoin" means the decentralized digital asset
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created by a peer-to-peer network, which operates with no
central authority or banks.
(2) "Donor" means a resident of this state who gifts,
grants, donates, bequests, or devises bitcoin to the Ohio
bitcoin reserve fund.
(3) "Private key" means a unique element of cryptographic
data used for signing transactions on a blockchain that is known
to the owner of the unique element.
(4) "Political subdivision" has the same meaning as in
section 2744.01 of the Revised Code.
(5) "Secure custody solution" means a technological
product or blended product and service that has all of the
following characteristics:
(a) The private keys that secure digital assets are
exclusively known to, and accessible by, the government entity.
(b) The private keys that secure digital assets are
exclusively contained within an encrypted environment and are
accessible only via end-to-end encrypted channels.
(c) The private keys that secure digital assets are not at
any time contained by, accessible by, or controllable via a
smartphone or any other unauthorized electronic means.
(d) Any hardware that contains the private keys that
secure digital assets is maintained in at least two
geographically diversified locations.
(e) The secure custody solution enforces a multi-party
governance structure for authorizing transactions, enforces user
access controls, and logs all user-initiated actions.
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(f) The provider of the secure custody solution has
implemented a disaster recovery protocol that ensures customer
access to digital assets in the event the provider becomes
unavailable.
(g) The secure custody solution undergoes regular code
audits and penetration testing from audit firms, and any
identified vulnerabilities are promptly remedied.
(6) "Qualified custodian" means any federal or state-
chartered bank, trust company, or a company regulated by the
state that has custody of bitcoin.
(B) The Ohio bitcoin reserve fund is created in the state
treasury. The fund shall consist of amounts transferred to it
pursuant to section 2981.12 of the Revised Code and by acts of
the general assembly. The treasurer of state shall administer
the Ohio bitcoin reserve fund in accordance with the
requirements of this section.
(C) The treasurer of state may use the interim money of
the state and amounts deposited to the Ohio bitcoin reserve fund
to acquire bitcoin as an investment. The treasurer of state
shall hold bitcoin acquired under this section for at least five
years following the date that the bitcoin enters the state's
custody. After the five-year holding period, the treasurer of
state may transfer, sell, appropriate, or convert the bitcoin to
another cryptocurrency.
(D) Any bitcoin acquired as an investment under this
section must be held using a secure custody solution by either
the treasurer of state or a qualified custodian.
(E) The treasurer of state may accept gifts, grants, and
donations of bitcoin from any of the following:
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(1) A resident of this state;
(2) The state, a political subdivision, or an agency or
instrumentality of the state or a political subdivision;
(3) A state institution of higher education, as defined in
section 3345.011 of the Revised Code.
(F) The treasurer of state shall develop a process by
which donors may contribute bitcoin to the Ohio bitcoin reserve
fund. Upon request, the treasurer of state may issue a
certificate of acknowledgement to a donor. The treasurer of
state may also establish a recognition program to publicly honor
significant contributions made to the fund by donors.
(G)(1) The treasurer of state shall prepare a biennial
report that includes all of the following information:
(a) The total amount of bitcoin held by the state as an
investment under this section;
(b) The equivalent value of the bitcoin expressed in
United States dollars;
(c) The net change in amount and value reported under
divisions (G)(1)(a) and (b) of this section since the last
report;
(d) Any transactions or expenditures related to this
section since the previous report;
(e) Any security threats experienced in administering this
section since the previous report.
(2) Not later than the thirty-first day of December of
each even-numbered year, the treasurer of state shall
electronically publish the report on the treasurer of state's
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web site and notify the general assembly that the report is
available.
(H) The treasurer of state may adopt rules in accordance
with Chapter 119. of the Revised Code to administer this
section, including rules concerning security protocols,
reporting standards, donation procedures, and a process for
returning bitcoin contributed by any person or entity other than
those described in division (E) of this section.
Sec. 2981.12. (A) Unclaimed or forfeited property in the
custody of a law enforcement agency, other than property
described in division (A)(2) of section 2981.11 of the Revised
Code, shall be disposed of by order of any court of record that
has territorial jurisdiction over the political subdivision that
employs the law enforcement agency, as follows:
(1) Drugs shall be disposed of pursuant to section 3719.11
of the Revised Code or placed in the custody of the secretary of
the treasury of the United States for disposal or use for
medical or scientific purposes under applicable federal law.
(2) Firearms and dangerous ordnance suitable for police
work may be given to a law enforcement agency for that purpose.
Firearms suitable for sporting use or as museum pieces or
collectors' items may be sold at public auction pursuant to
division (B) of this section. The agency may sell other firearms
and dangerous ordnance to a federally licensed firearms dealer
in a manner that the court considers proper. The agency shall
destroy any firearms or dangerous ordnance not given to a law
enforcement agency or sold or shall send them to the bureau of
criminal identification and investigation for destruction by the
bureau.
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(3) Obscene materials shall be destroyed.
(4) Beer, intoxicating liquor, or alcohol seized from a
person who does not hold a permit issued under Chapters 4301.
and 4303. of the Revised Code or otherwise forfeited to the
state for an offense under section 4301.45 or 4301.53 of the
Revised Code shall be sold by the division of liquor control if
the division determines that it is fit for sale or shall be
placed in the custody of the investigations unit in the
department of public safety and be used for training relating to
law enforcement activities. The department, with the assistance
of the division of liquor control, shall adopt rules in
accordance with Chapter 119. of the Revised Code to provide for
the distribution to state or local law enforcement agencies upon
their request. If any tax imposed under Title XLIII of the
Revised Code has not been paid in relation to the beer,
intoxicating liquor, or alcohol, any moneys acquired from the
sale shall first be used to pay the tax. All other money
collected under this division shall be paid into the state
treasury. Any beer, intoxicating liquor, or alcohol that the
division determines to be unfit for sale shall be destroyed.
(5) Money received by an inmate of a correctional
institution from an unauthorized source or in an unauthorized
manner shall be returned to the sender, if known, or deposited
in the inmates' industrial and entertainment fund of the
institution if the sender is not known.
(6)(a) Any mobile instrumentality forfeited under this
chapter may be given to the law enforcement agency that
initially seized the mobile instrumentality for use in
performing its duties, if the agency wants the mobile
instrumentality. The agency shall take the mobile
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instrumentality subject to any security interest or lien on the
mobile instrumentality.
(b) Vehicles and vehicle parts forfeited under sections
4549.61 to 4549.63 of the Revised Code may be given to a law
enforcement agency for use in performing its duties. Those parts
may be incorporated into any other official vehicle. Parts that
do not bear vehicle identification numbers or derivatives of
them may be sold or disposed of as provided by rules of the
director of public safety. Parts from which a vehicle
identification number or derivative of it has been removed,
defaced, covered, altered, or destroyed and that are not
suitable for police work or incorporation into an official
vehicle shall be destroyed and sold as junk or scrap.
(7) Computers, computer networks, computer systems, and
computer software suitable for police work may be given to a law
enforcement agency for that purpose or disposed of under
division (B) of this section.
(8) Money seized in connection with a violation of section
2905.32, 2907.21, or 2907.22 of the Revised Code shall be
deposited in the victims of human trafficking fund created by
section 5101.87 of the Revised Code.
(9) Bitcoin, as defined in section 135.146 of the Revised
Code, may be transferred to the Ohio bitcoin reserve fund
created in section 131.62 of the Revised Code or disposed of
under division (B) of this section.
(B) Unclaimed or forfeited property that is not described
in division (A) of this section or division (A)(2) of section
2981.11 of the Revised Code, with court approval, may be used by
the law enforcement agency in possession of it. If it is not
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used by the agency, it may be sold without appraisal at a public
auction to the highest bidder for cash or disposed of in another
manner that the court considers proper.
(C) Except as provided in divisions (A) and (F) of this
section and after compliance with division (D) of this section
when applicable, any moneys acquired from the sale of property
disposed of pursuant to this section shall be placed in the
general revenue fund of the state, or the general fund of the
county, the township, or the municipal corporation of which the
law enforcement agency involved is an agency.
(D) If the property was in the possession of the law
enforcement agency in relation to a delinquent child proceeding
in a juvenile court, ten per cent of any moneys acquired from
the sale of property disposed of under this section shall be
applied to one or more community addiction services providers,
as defined in section 5119.01 of the Revised Code. A juvenile
court shall not specify a services provider, except as provided
in this division, unless the services provider is in the same
county as the court or in a contiguous county. If no services
provider is located in any of those counties, the juvenile court
may specify a services provider anywhere in Ohio. The remaining
ninety per cent of the proceeds or cash shall be applied as
provided in division (C) of this section.
Each services provider that receives in any calendar year
forfeited money under this division shall file an annual report
for that year with the attorney general and with the court of
common pleas and board of county commissioners of the county in
which the services provider is located and of any other county
from which the services provider received forfeited money. The
services provider shall file the report on or before the first
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day of March in the calendar year following the calendar year in
which the services provider received the money. The report shall
include statistics on the number of persons the services
provider served, identify the types of treatment services it
provided to them, and include a specific accounting of the
purposes for which it used the money so received. No information
contained in the report shall identify, or enable a person to
determine the identity of, any person served by the services
provider.
(E) Each community addiction services provider that
receives in any calendar year money under this section or under
section 2981.13 of the Revised Code as the result of a juvenile
forfeiture order shall file an annual report for that calendar
year with the attorney general and with the court of common
pleas and board of county commissioners of the county in which
the services provider is located and of any other county from
which the services provider received the money. The services
provider shall file the report on or before the first day of
March in the calendar year following the year in which the
services provider received the money. The report shall include
statistics on the number of persons served with the money,
identify the types of treatment services provided, and
specifically account for how the money was used. No information
in the report shall identify or enable a person to determine the
identity of anyone served by the services provider.
As used in this division, "juvenile-related forfeiture
order" means any forfeiture order issued by a juvenile court
under section 2981.04 or 2981.05 of the Revised Code and any
disposal of property ordered by a court under section 2981.11 of
the Revised Code regarding property that was in the possession
of a law enforcement agency in relation to a delinquent child
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proceeding in a juvenile court.
(F) Each board of county commissioners that recognizes a
citizens' reward program under section 9.92 of the Revised Code
shall notify each law enforcement agency of that county and of a
township or municipal corporation wholly located in that county
of the recognition by filing a copy of its resolution conferring
that recognition with each of those agencies. When the board
recognizes a citizens' reward program and the county includes a
part, but not all, of the territory of a municipal corporation,
the board shall so notify the law enforcement agency of that
municipal corporation of the recognition of the citizens' reward
program only if the county contains the highest percentage of
the municipal corporation's population.
Upon being so notified, each law enforcement agency shall
pay twenty-five per cent of any forfeited proceeds or cash
derived from each sale of property disposed of pursuant to this
section to the citizens' reward program for use exclusively to
pay rewards. No part of the funds may be used to pay expenses
associated with the program. If a citizens' reward program that
operates in more than one county or in another state in addition
to this state receives funds under this section, the funds shall
be used to pay rewards only for tips and information to law
enforcement agencies concerning offenses committed in the county
from which the funds were received.
Receiving funds under this section or section 2981.11 of
the Revised Code does not make the citizens' reward program a
governmental unit or public office for purposes of section
149.43 of the Revised Code.
(G) Any property forfeited under this chapter shall not be
used to pay any fine imposed upon a person who is convicted of
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or pleads guilty to an underlying criminal offense or a
different offense arising out of the same facts and
circumstances.
(H) Any moneys acquired from the sale of personal effects,
tools, or other property seized because the personal effects,
tools, or other property were used in the commission of a
violation of section 2905.32, 2907.21, or 2907.22 of the Revised
Code or derived from the proceeds of the commission of a
violation of section 2905.32, 2907.21, or 2907.22 of the Revised
Code and disposed of pursuant to this section shall be placed in
the victims of human trafficking fund created by section 5101.87
of the Revised Code.
Sec. 5703.83. (A) As used in this section,
"cryptocurrency" means a digital representation of value that
functions as a medium of exchange, unit of account, or store of
value, which may be bought, sold, or traded securely, in which
the generation of units is regulated, transactions are verified,
and records are maintained by a decentralized system using
cryptography, such as blockchain or similar distributed ledger
technology, and for which there is a reasonable expectation that
it will maintain a stable value relative to a fixed amount of
monetary value. "Cryptocurrency" does not include a national
currency.
(B) The tax commissioner, on or before the thirtieth day
of June of each year, shall approve and publish on the
department of taxation's web site a list of cryptocurrencies
acceptable for the payment of any tax, fee, cost, charge,
assessment, fine, or other payment of expense under section 9.16
of the Revised Code.
Section 2. That existing sections 9.16, 113.40, and
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517 S. B. No. 57 Page 19
As Introduced
2981.12 of the Revised Code are hereby repealed.
Section 3. This act shall be known as the Ohio Bitcoin
Reserve Act.
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