COLUMBUS, Ohio (WCMH) — Cryptocurrencies had an up-and-down year in 2025. Bitcoin reached its highest-ever price value in October before dropping 30 percent by the first day of 2026. But as Americans continue to invest in cryptocurrencies, state lawmakers want to keep Ohioans’ digital assets safe. They are also looking at ways for the state to invest as well.
Rep. Thad Claggett (R-Licking County), chair of the House Technology and Innovation Committee, said the embrace of crypto has been a “ground shift” but that he’s confident the state can keep up.
“I’m not overly concerned about cryptocurrencies,” said Claggett. “As long as we regulate them appropriately and have the power of the state and the power of the nation behind that then I think we’ll be fine.”
Claggett also does not believe Ohio law needs to be changed radically in order to keep digital assets safe and responsibly used.
“What we’re trying to be sure of is we don’t encourage bad actors to use these platforms whether it’s currency exchange or whatever and get away with crimes,” said Claggett. “Our law is sufficient for many things, it is merely the application of that.”
Roughly 1.3 million Ohioans own some type of cryptocurrency, according to Rep. Steve Demetriou (R-Bainbridge Twp). Last year, Demetriou introduced several bills seeking to regulate and cultivate the crypto industry in Ohio.
In June, the Ohio House passed Demetriou’s Blockchain Basics Act, which makes it easier for Ohioans to mine and spend digital assets by ensuring businesses can accept cryptocurrency as a form of payment and limits how much local communities can regulate crypto mining data centers.
Demetriou said on the House floor that by passing the Blockchain Basics Act, Ohio would show it is “ready to embrace the future of our economy.”
Democrats were split on the bill, with most voting against it. Rep. Ismail Mohamad (D-Columbus), ranking member on the Technology and Innovation Committee, urged his fellow Democrats to pass the Blockchain Basics Act, but acknowledged the concerns of his caucus.
“Allowing mining in residential areas raises concerns. Mining pulls significant electricity and water which can affect rural areas specifically that rely on well water,” said Mohamad. “The equipment generates heat requiring substantial cooling through water and air conditioning, impacting the local environment.”
That bill will now be considered by the Ohio Senate, where Democrats hope to address some of their concerns.
Demetriou also introduced a bill to create a Strategic Cryptocurrency Reserve for the state. If passed, it would allow the state treasurer to invest a certain percentage of state funds into cryptocurrency. The bill would also place certain safeguards on such an investment to protect against abuse and mismanagement, and the state would not be allowed to invest in speculative “meme coins.”
Other legislation offered by Demetriou would change state law to safeguard unclaimed digital assets with the same system the state already uses for traditional unclaimed funds. Co-sponsor Rep. Josh Williams (R-Sylvania Twp) said such a measure would be beneficial as more Americans adopt cryptocurrency as a regular investment tool.
“A lot of these accounts go stagnant over time,” said Williams in October. “Individuals lose their passcode even as the holder of it, the wallet, still has access to it, the individual lost their password or whatever and that asset will continue to grow over time. We want to create a mechanism for unclaimed funds just like any other asset.”
Both that bill and the Ohio Strategic Cryptocurrency Reserve Act remain in the Technology and Innovation Committee awaiting approval for consideration by the full House.
