COLUMBUS, Ohio -- A n Ohio bill to let the state treasurer invest in cryptocurrency is drawing attention at the Statehouse — but not much enthusiasm from House leadership.
“I do think that we could invest in other things, but I’m still scratching my head over cryptocurrency,” said House Speaker Matt Huffman, a Lima Republican.
House Bill 18 , sponsored by Republicans, would expand the treasurer’s power to invest in? what’s called interim funds. Under state law, those are public dollars not needed for daily bills. Since the money is temporarily uncommitted, it can be invested in U.S. Treasury bills, government bonds and money-market funds to earn extra income for the state.
HB 18 would create a “strategic reserve fund” where up to 10% of that money goes into new types of investments,