Enact Ohio Strategic Cryptocurrency Reserve Act

HB 713, the Ohio Strategic Cryptocurrency Reserve Act, permits the state Treasurer to invest up to ten percent of specific interim funds in digital assets like cryptocurrencies and stablecoins. The bill establishes strict security requirements, mandating that these assets be held in encrypted environments with private keys controlled exclusively by the government and stored in geographically diversified data centers. Additionally, the legislation allows the Treasurer to loan these digital assets to generate further returns and requires regular audits and penetration testing of the custody systems. The law also authorizes state retirement boards to invest in digital assets and directs them to consider minority and women-owned firms when selecting investment partners.