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America's crypto industry is continuing to make progress ahead of Donald Trump's looming presidency.
In Ohio, a lawmaker has introduced a groundbreaking bill to establish a Bitcoin reserve fund within the state’s treasury, making Ohio as the third US state to propose such legislation in just over a month.
Ohio House Republican leader Derek Merrin unveiled HB 703 yesterday, titling the bill "Ohio Bitcoin Reserve Act." The bill aims to grant the state treasurer the authority to purchase Bitcoin as part of a broader asset allocation strategy.
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“The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,” Merrin said in a statement. “Ohio must embrace technology and protect tax dollars from eroding.”
— Derek Merrin (@DerekMerrin) December 17, 2024
Merrin emphasized the urgency of adopting Bitcoin as a hedge against the devaluation of the U.S. dollar, stating, “Ohio must embrace technology and protect tax dollars from eroding.”
He also believes the Trump administration will establish a national Bitcoin reserve and that HB 703 could serve as a foundation for future legislative action.
“Bitcoin is revolutionizing finance and will reshape world economies. We must have sound money — it’s like digital property rights for everyone who owns it. This legislative sets up the framework for Ohio’s state government to harness the power of Bitcoin and strengthen our state finances,” he said.
Last week, Texas House Representative Giovanni Capriglione proposed the "Texas Strategic Bitcoin Reserve Act while Pennsylvania House Representative Mike Cabell introduced a bill allowing the state treasury to allocate up to 10% of its balance sheet to Bitcoin last month.
Meanwhile, Trump has been busy meeting with the folks at Crypto.com. Rendezvousing at Mar-a-Lago, Trump hosted the cryptocurrency exchange's CEO, Kris Marszalek, for a discussion that could shape the crypto industry.
"Honored to have a seat at the table," Marszalek tweeted, sharing a picture of himself standing next to the gleaming President Elect.
Honored to have a seat at the table. pic.twitter.com/KvK0XyEdYZ
— Kris | Crypto.com (@kris) December 17, 2024
According to Bloomberg, the pair discussed "appointments related to the crypto industry, including in financial departments, Congress and the incoming administration" as well as "appointments" related to the Bitcoin reserve.
“We look forward to working with the new administration to develop and advance clear regulations for the crypto industry so the US can become a global leader in digital assets and innovation,” a Crypto.com spokesperson said in a statement.
The meeting comes one month after Coinbase CEO Brian Armstrong held a phone discussion with Trump, as the soon-to-be President warms ever closer to the industry.
In October, Crypto.com filed a lawsuit against the US Securities and Exchange Commission (SEC) just over a month after receiving a formal warning from the regulator. In a statement, the crypto exchange said it is suing the SEC to "protect the future of the crypto industry in the US" following the receipt of a Wells Notice on 22 August.
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A Wells Notice is usually sent ahead of launching a formal lawsuit.
OpenSea, Coinbase, Uniswap Labs, Ripple, Robinhood, Consensys, and BUSD issuer Paxos are among those in the increasing list of crypto firms that have received such notices.
As part of his presidential campaign, Trump vowed to remove SEC Chair Gary Gensler from day one. Gensler officially announced his resignation at the end of last month.
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These developments are encouraging for the crypto industry and even more so for America's. Eric Trump, the son of the incoming President, recently confirmed plans to eliminate capital gains tax on cryptocurrencies but only those based in the US.
American cryptocurrencies including Algorand, Cardano, Ripple, and Hedera will all be tax-free under Trump. WEF member Shayan Salehi believes the move would "put non American crypto at a -37% tax disadvantage."
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Previous episodes of Blockcast can be found on Podpage, with guests like Peter Hui (Moongate), Luca Prosperi (M^0), Charles Hoskinson (Cardano), Aneirin Flynn (Failsafe), and Yat Siu (Animoca Brands) on our most recent shows.
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