COLUMBUS, Ohio — Ohio Republicans have recently ramped up efforts to make cryptocurrency more mainstream, coinciding with specific wishes from GOP leaders.
Looking for new topics on which to craft policy, many Ohio politicians think they’ve struck gold.
“We chose to lead rather than follow,” Ohio Treasurer Robert Sprague said in an interview with me.
Numerous bills have been introduced to make crypto more accessible, with lawmakers ultimately wanting Ohioans to be able to pay their taxes with it.
These online “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 around $108,000 on Thursday.
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. Bill 116 would ensure that cryptocurrency owners can use their digital assets to pay for goods and services, as well as protect the currency from certain taxes. Bill 18 would allow the treasurer to invest in “high-value digital assets” in the general or reserve fund. House Bill 426 puts in place regulations for “abandoned” currencies.
Although digital currency bills were introduced at the last general assembly, the two main pieces of legislation were presented at the end of 2024.
Sprague has been one of the leading voices in the crypto space. Just recently, the Treasurer authorized state agencies to soon begin collecting digital coin payments.
“The world is rapidly moving toward digital payments and we don’t want Ohio State to be left behind,” Sprague said.
You may soon be able to pay fees and taxes in Ohio with a cryptocurrency like Bitcoin
RELATED: You may soon be able to pay fees and taxes in Ohio with a cryptocurrency like Bitcoin
This is actually a topic that brings together the top Republican and Democratic leaders in the House.
“I think this kind of risky stuff, we need to think long and hard about it…I’m still scratching my head about cryptocurrency,” said Chairman Matt Huffman (R-Lima).
Huffman and Minority Leader Dani Isaacsohn (D-Cincinnati) both raised red flags. Cryptocurrencies experience rapid spikes and falls, and bitcoin payments can be difficult to calculate.
“We have to be very careful with the crypto industry,” Isaacsohn said. “We have witnessed many abuses; due to a lack of monitoring, we have seen many people lose their livelihoods. »
In 2024, the FBI reported $9.3 billion in losses from cryptocurrency-related cybercrime.
When I asked the treasurer about possible fraud, Sprague responded that the state system would immediately change the currency format once submitted. It’s a thorough plan that took months to evaluate, he said.
But at one point, the process wasn’t as transparent.
In 2018, News 5 spoke with Cleveland car salesman Bernie Moreno, now a U.S. senator from Ohio, who then advocated for the state to move toward this emerging technology.
“By adopting a technology first and being a leader, you actually gain a technological advantage,” Moreno said.
At the time, Moreno became the first person, not only in Ohio, but in the United States, to pay their taxes with crypto when the state became the first in the country to accept digital currency as payment.
In the News 5 video of Moreno submitting his payment, then-treasurer Josh Mandel stood next to him.
Mandel decided in 2018 that Ohioans could pay their taxes in crypto. After a year, the program was suspended because Attorney General Dave Yost issued an opinion that Mandel had not followed correct protocol when setting up the system.
Over the next few years, policy remained stagnant and crypto was mostly ignored by legislative leaders.
“I don’t know if it’s a good idea,” Huffman said. “(A crypto bill) is not a priority.”
Both House leaders continue to say there are more important policies to address: property taxes, education and the cost of living.
“Is cryptocurrency really what lawmakers and your office should be focusing on? Who’s asking that?” I asked Sprague.
“Actually, I think it’s really important because if we go into a recession, we want to be one of the more advanced states,” the treasurer responded.
Businesses have expressed more interest in crypto, he said, so Ohio’s acceptance of the coins could help boost the economy.
Timing
The Trump administration continues to promote cryptocurrency, as the president’s own coin and his family’s businesses have earned $1 billion from the digital asset.
But another prominent politician is openly expressing his support.
“Bitcoin and what it represents, more than a financial asset, also helps fill that void, fill that hunger for symbolism, a reminder of what American greatness was,” Vivek Ramaswamy said during a speech at the Bitcoin Policy Institute in March.
Ramaswamy, the Republican Party-backed candidate for the 2026 governor’s race, had long been an advocate for digital currency.
“How much do you think this gives you a better chance of becoming Vivek Ramaswamy as lieutenant governor by following his crypto idea plans?” I asked Sprague.
“I don’t know,” he replied. “But I can say this: I think Vivek is a bold innovator and he’s looking toward the future of the state.”
Strategists believe Sprague is on the shortlist for Ramaswamy’s second-in-command position.
Outside of his official role in government, the treasurer is a candidate for secretary of state. He just announced he would be the first candidate for a statewide seat to embrace crypto.
“We want to be up to date and we want people to be able to participate in their political campaigns using all the new technology,” Sprague said.
He clarified that the cryptocurrency provider chosen for state payments is not the same as the one chosen for his campaign.
“Is there a reason why crypto is harder to track? I asked him.
“The way we do it is we would accept crypto – we obviously have reporting requirements – we will actually convert it to US dollars, and it will be put into the campaign and we will report everything like we usually do,” he said.
Sprague said he does not own any digital assets; however, other politicians who advocate this project have confirmed that they are investing.
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