Ohio’s Bold Move: No More Crypto Taxes! 💰🚫

by

In the grand halls of the Ohio House of Representatives, where the air is thick with ambition and the scent of freshly printed bills, a new proposal has emerged. Lawmakers, those noble guardians of the public purse, have set forth a bill to shield the good citizens of Ohio from the clutches of additional taxes on their beloved crypto payments. Yes, my friends, they seek to tame the wild beast of digital assets, addressing the intricate dance of mining, staking, and the regulation of these modern treasures.

Behold the ‘Ohio Blockchain Basis Act’!

On a fateful Monday, the valiant lawmakers unveiled the “Ohio Blockchain Basis Act,” or House Bill 116 (HB116), a legislative masterpiece aimed at amending the existing laws. This bill, like a knight in shining armor, promises to prevent state and local governments from imposing any extra taxes on crypto assets used for the exchange of goods and services. A true triumph for the people!

With the sponsorship of the illustrious Representative Steve Demetriou, and the gallant support of co-sponsors Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams, Bill 116 boldly declares that the General Assembly shall not dare to enact any fees, taxes, or assessments on our digital treasures. A standing ovation, please! 👏

Should this bill triumph in the legislative arena, it will still allow the usual fees and taxes that accompany legal tender transactions to apply to crypto dealings. A small price to pay for freedom, wouldn’t you agree?

Furthermore, it mandates that no political subdivision or state agency shall dare to prevent Ohioans from accepting digital assets as payment or restrict their right to safeguard their crypto riches using hardware or self-hosted wallets. A true victory for the common folk!

Under this proposed legislation, individuals can frolic in the fields of crypto mining, staking, or exchanging digital assets without the burden of a money transmitter license. And businesses offering such services? Fear not! They shall not be deemed as offering securities or investment contracts. What a relief! 😅

Moreover, the state’s retirement funds will be tasked with the noble duty of evaluating the risks and benefits of investing in crypto exchange-traded funds (ETFs), with a report due to the General Assembly within a year. Talk about a busy year ahead!

Ohio’s Relentless Pursuit of Crypto Legislation

This bold move follows a series of similar proposals from Ohio’s lawmakers, including the valiant efforts of former state senator Niraj Antani, who last September introduced Senate Bill 317. Alas, that bill, which sought to allow the state to accept digital assets for taxes and fees, only made it 25% of the way before meeting its untimely demise in Committee. A tragic tale indeed!

In December, the ever-ambitious Ohio State Representative Derek Merrin introduced a bill to create a BTC reserve within the state treasury. The “Ohio Bitcoin Reserve Act,” or House Bill 703, aimed to establish a dedicated fund for the state to purchase and hold BTC. A bold vision for a brighter financial future!

Most recently, the indomitable Ohio Senator Sandra O’Brien introduced Senate Bill 57, a second attempt to allow the state to invest in Bitcoin and create the “Ohio Bitcoin Reserve Fund.” If this bill passes, the state’s Bitcoin investments will be required to be held for five long years. Patience, dear investors, patience!

Senator O’Brien boldly proclaimed, “The crypto world is here, and Ohio needs to be a leader. Crypto will be a major part of President Trump’s term. When his working group issues recommendations, Ohio will be ready.” A rallying cry for the ages!

Read More

2025-02-26 10:13