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Trump Administration and Ohio Advance Bitcoin Reserve Initiatives
As President-elect Donald Trump met with crypto industry leaders at Mar-a-Lago, it appears that the administration is advancing plans for a federal Bitcoin reserve through a draft executive order. This move follows news of Ohio’s introduction of state-level Bitcoin reserve legislation.
In a meeting held on December 16, Trump discussed U.S. Strategic Bitcoin Reserve and potential appointments related to crypto assets with Crypto.com CEO Kris Marszalek. The event took place as Bitcoin surged past $108,268.45, marking a new all-time high.
The draft executive order, crafted by the Bitcoin Policy Institute, aims to establish a framework for creating a strategic reserve asset within the Treasury’s Exchange Stabilization Fund, which typically handles foreign exchange intervention and international monetary operations. This proposed program would be designed to maintain U.S. leadership in digital assets while fostering economic resilience and global financial influence.
This is not the only development in the Bitcoin reserve space. Ohio House Republican Leader Derek Merrin has introduced Bill 703, which would grant permission for the state treasurer to invest in Bitcoin and establish an “Ohio Bitcoin Reserve” within the state treasury. This move aims to protect public funds against inflation by incorporating Bitcoin into Ohio’s investment portfolio.
Ohio currently holds $72.16 billion in public debt, mainly consisting of general obligation bonds and special obligation bonds used to fund infrastructure projects, education initiatives, and other public endeavors. The introduction of this bill has garnered support from various crypto advocates.
U.S. Senator Cynthia Lummis argued that including Bitcoin in state reserves would strengthen the financial position, particularly as more businesses and government agencies begin embracing digital assets as a form of payment.
Matthew Sigel, head of Digital Assets Research at VanEck, suggests that government adoption of Bitcoin could prompt corporations to embrace digital assets further, solidifying their role in global finance.
Should these initiatives come into fruition, they would mark the first formal government-held Bitcoin reserves in the United States. This move has the potential to set a precedent for other states and countries to follow.
The proposed programs aim to promote U.S. leadership in digital assets while fostering economic resilience and global financial influence.
Source: blockonomi.com
