Speaking on the passage, Representative Steve Demetriou stressed that the bill empowers individuals rather than large banks or financial institutions.
He also added that the bill emphasized the decentralized ethos of crypto and highlighted the passion of nearly two million Ohioans who own digital assets.
HB 116 outlines foundational legal definitions for blockchain protocols, digital asset mining, and individual rights surrounding self-custody and node operations.
One of the bill’s key features is a “de minimis” exemption for Bitcoin payments under $200. If enacted, small purchases made with Bitcoin would not trigger capital gains taxes, removing a major barrier to using crypto for everyday transactions.
HB18 summary states:
“The investments are restricted to exchange-traded products with a minimum average market capitalization of $750 billion over the preceding twelve months, and must be held through secure custody solutions, qualified custodians, or registered investment companies.”
As competition between states heats up, Ohio’s latest move could prove pivotal in shaping the future of crypto policy at the state level.
