A cryptocurrency ATM is shown in a convenience store. (Photo: Joe Raedle/Getty Images)
Ohio Republicans have recently increased their push to make cryptocurrency more mainstream, coinciding with the wishes of specific GOP leaders.
Many Ohio politicians believe they have struck gold when looking for modern policy topics.
“We decided to lead rather than follow,” Ohio Treasurer Robert Sprague said in an interview.
Numerous bills have been introduced to make cryptocurrencies more accessible, and lawmakers ultimately wanted Ohioans to be able to pay their taxes using them.
These internet “coins” are stored in a digital database called a blockchain. Like stocks, they can be traded and sold. One Bitcoin, the largest cryptocurrency, fluctuates and is worth about $108,000 as of Thursday.
Ohio Senate Bill 57 would create a Bitcoin reserve fund, allowing Ohioans to pay taxes and fees in Bitcoin. It would also allow residents to donate Bitcoin to the fund.
Ohio House Bill 116 would give cryptocurrency owners the ability to operate their digital assets to pay for goods and services and would also shield the currency from certain taxes.
Ohio House Bill 18 would allow the treasurer to invest in “high-value digital assets” in the general or reserve fund.
Ohio House Bill 426 introduces regulations regarding “abandoned” currency.
Although digital currency laws were introduced in the last general assembly, two major pieces of legislation were introduced in delayed 2024.
Sprague was a leading voice in cryptography. The treasurer recently gave state agencies the go-ahead to begin collecting payments in digital coins.
“The world is rapidly moving toward digital payments, and we don’t want Ohio to be left behind,” Sprague said.
In fact, it’s a topic that’s bringing together top leaders of the Republican and Democratic parties in the House of Representatives.
“I think this kind of risky stuff needs a long, hard look… I’m still scratching my head about cryptocurrency,” said House Speaker Matt Huffman, R-Lima.
“We have to be very careful when it comes to the cryptocurrency industry,” Isaacsohn said. “We have witnessed many abuses; due to lack of supervision, many people have lost their livelihoods.”
In 2024, the FBI recorded $9.3 billion in losses due to cryptocurrency-related cybercrime.
When I asked the treasurer about possible fraud, Sprague said that once an application was submitted, the state system would immediately change the currency format. It’s a thorough plan that took months to evaluate, he said.
However, at some point the process was not so lucid.
In 2018, WEWS spoke with Cleveland car salesman Bernie Moreno – now an Ohio state senator – who at the time advocated for the state to begin using this emerging technology.
“By adopting technology first and being a leader, you really gain a technological advantage,” Moreno said.
During that time, Moreno became the first person, not only in Ohio but in the U.S., to pay taxes with cryptocurrencies when the state became the first in the country to accept the digital currency as a means of payment.
In the WEWS video of Moreno making the payment, then-treasurer Josh Mandel stood next to him.
In 2018, Mandel decided that Ohio residents could pay taxes in cryptocurrencies.
Within a year, the program was suspended because Attorney General Dave Yost opined that Mandel had not followed proper protocol when setting up the system.
Over the following years, policy remained stagnant and cryptocurrencies were largely ignored by legislative leaders.
“I don’t know if that’s a good idea,” Huffman said. “(The cryptocurrency bill) is not a priority.”
Both House leaders continue to say there are more significant policies that need to be addressed – property taxes, education and the cost of living.
Asked who is requesting these changes and whether it should be a current concern for the treasurer and legislators, Sprague pointed to economic uncertainty.
“I actually think it’s really important because if we do go into a recession, we want to be one of the most advanced states,” the treasurer replied.
He said companies are showing more interest in cryptocurrencies, so Ohio adopting the coins could assist stimulate the economy.
Timing
The Trump administration continues to promote cryptocurrency as the president’s own coin and his family’s companies have made $1 billion in digital assets.
But another influential politician openly expresses his support.
“Bitcoin and what it represents, more than a financial asset, also helps fill that void, satisfy the hunger for a symbol, a reminder of what American greatness was all about,” Vivek Ramaswamy said during a speech at the Bitcoin Policy Institute in March.
Ramaswamy, a Republican Party-backed candidate in the 2026 governor’s race, has long been a supporter of digital currency.
Sprague was asked about his potential to serve as lieutenant governor for Ramaswamy, given his work on the cryptocurrency issue.
“I have no idea about that,” he replied. “But I can say this: I think Vivek is a brave innovator and looks to the future of the state.”
Strategists believe Sprague is on the low list to replace Ramaswamy.
In addition to his official role in the government, the treasurer is running for the position of secretary of state. He just announced that he will be the first statewide candidate to accept cryptocurrencies.
“We want to stay informed and we want people to be able to participate in their political campaigns using all the new technologies,” Sprague said.
He explained that the cryptocurrency provider chosen for state payments is not the same one chosen for his campaign.
“Is there any justification for cryptocurrencies being harder to track?” we asked him.
“The way we do it is that we would accept cryptocurrency – obviously we have reporting requirements – we will actually convert it to US dollars, it will be included in the campaign and we will report everything as we normally do,” he said.
Sprague said he doesn’t own any digital assets; however, some other politicians pushing for it have confirmed that they are investing.
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This article was originally published on News5Cleveland.com and are published in the Ohio Capital Journal under a content sharing agreement. Unlike other OCJ articles, it is not available for free republication on other news outlets because it is owned by WEWS in Cleveland.
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