Crypto
Paying with cryptocurrency? Ohio takes step toward accepting Bitcoin for state fees
Want to set up a new business or pay a Bureau of Motor Vehicles fee? You might soon be able to pay in Bitcoin or other cryptocurrency
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President Trump signed an order Thursday to create a federal Strategic Bitcoin Reserve, signaling new federal support for cryptocurrency in general and Bitcoin in particular.
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Want to set up a new business or pay another fee? You might be able to pay in Bitcoin or other cryptocurrency as soon as this fall.
Ohio Treasurer Robert Sprague and Ohio Secretary of State Frank LaRose will ask a state panel next month to approve the use of cryptocurrency, such as Bitcoin, to pay for state fees and services.
If approved, the state would find a company to convert cryptocurrency into cash that the state can use. Customers would pay a fee for the transaction, similar to when they use a credit card.
Then, each agency and department would decide whether to accept cryptocurrency. That process could take months, but LaRose wants to be the state’s first adopter, accepting Bitcoin to pay for business filing fees.
“I don’t anticipate that there will be hundreds of thousands of Ohioans that are immediately starting to pay their fees on the Ohio Secretary of State’s website in Bitcoin, but there will be some,” said LaRose, who said he owns about $10,000 in Bitcoin. “What this does is signal that Ohio is near the forefront of embracing this financial technology.”
The move comes as the popularity of cryptocurrency, especially among Republicans, is increasing.
During Vivek Ramaswamy’s presidential bid, the Ohio governor candidate was bullish on cryptocurrency, introducing a policy to curb the overregulation of it. Both Sprague and LaRose have endorsed Ramaswamy’s 2026 bid to replace Gov. Mike DeWine.
Meanwhile, Ohio lawmakers are pitching the Ohio Blockchain Basics Act, also known as House Bill 116. The proposed law would prevent state and local governments from charging additional taxes and fees on cryptocurrency, among other changes.
Another proposal, Senate Bill 56, would allow Ohioans to pay taxes and fees with Bitcoin. And House Bill 713 would create a cryptocurrency reserve − an idea that Sprague said he still has questions about.
Former Ohio Treasurer Josh Mandel, who ran unsuccessfully for U.S. Senate, was an early adopter of Bitcoin. He wanted Ohioans to be able to pay their taxes in cryptocurrency, setting up OhioCrypto.com.
But Sprague canned the idea, and Ohio Attorney General Dave Yost later said that Mandel hadn’t set it up properly.
Sprague said this new idea is different because it follows the right process. He also added that the federal government is much more supportive of cryptocurrency and limiting its regulation than it once was.
“This has come and if you don’t go out in front of it, you’ll get dragged behind the bus,” Sprague said.
State government reporter Jessie Balmert can be reached at jbalmert@gannett.com or @jbalmert on X.
What do you think about the state accepting cryptocurrency?
Crypto
Exclusive: White House set to meet with banks, crypto companies to broker legislation compromise
Jan 28 (Reuters) – The White House on Monday will meet with executives from the banking and cryptocurrency industries to discuss a path forward for landmark crypto legislation which has stalled due to a clash between the two powerful sectors, said three industry sources.
The summit hosted by the White House’s crypto council will include executives from several trade groups. It will focus on how the bill treats interest and other rewards crypto firms can dish out on customer holdings of dollar-pegged tokens known as stablecoins, the people said.
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Reuters was first to report the meeting.
The White House did not immediately respond to a request for comment. The sources declined to be identified discussing private policy discussions.
“We look forward to continuing to work with policymakers across the aisle so Congress can advance lasting market structure legislation and ensure the United States remains the crypto capital of the world,” she said.
Cody Carbone, CEO of The Digital Chamber, another major crypto trade group, credited the White House with “pulling all sides to the negotiating table.”
The Senate has for months been working on the bill, dubbed the Clarity Act, which aims to create federal rules for digital assets, the culmination of years of crypto industry lobbying. Crypto companies have long argued that existing rules are inadequate for digital assets, and that legislation is essential for companies to continue to operate with legal certainty in the U.S.
The House of Representatives passed its version of the bill in July.
The Senate Banking Committee was scheduled earlier this month to debate and vote on the bill, but the meeting was postponed at the last minute, in part due to concerns among lawmakers and both industries over the interest issue.
Crypto companies say providing rewards such as interest is crucial for recruiting new customers and that barring them from doing so would be anti-competitive. Banks say the increased competition could result in insured lenders experiencing an exodus of deposits — the primary source of funding for most banks — potentially threatening financial stability.
That bill prohibited stablecoin issuers from paying interest on cryptocurrencies, but banks say it left open a loophole that would allow for third parties – such as crypto exchanges – to pay yield on tokens, creating new competition for deposits.
Reporting by Hannah Lang in New York; Editing by Chizu Nomiyama
Our Standards: The Thomson Reuters Trust Principles.
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