Ohio’s House of Representatives voted on Wednesday to move forward with a new crypto bill that seeks several protections for industry participants, advancing it up the legislative chain and inching it closer to becoming law.
If signed into law by Governor Mike DeWine, the Ohio Blockchain Basics Act would prohibit state and local governments from restricting the use of digital assets as payment or interfering with individuals’ use of hardware wallets or “self-hosted” wallets.
It would also permit digital asset mining by individuals in residential areas, subject to local ordinances, and allow mining businesses to operate in industrial zones if they meet existing requirements.
It goes even further by prohibiting local governments from rezoning areas with mining businesses without providing proper notice and an opportunity for comment, and granting those businesses the right to appeal discriminatory zoning actions.
Individuals involved in mining, staking, asset exchange, or blockchain node operations would be excluded from money transmitter, security, and investment laws.
Exemptions from capital gains will also apply to every crypto transaction with a value below $200. Following a 68-26 vote, House Bill 116 now moves to the state Senate for consideration.
Changing tides
Sponsored by Rep. Steve Demetriou, HB 116 was first introduced in February and advanced from the House Technology and Innovation Committee before winning full House approval on Tuesday.
Wednesday’s legislation comes just a day after the U.S. Senate passed major stablecoin reform under the GENIUS Act in Washington, D.C., as crypto regulation across the nation this year continues to firm.
It also marks the latest in state laws enacted to codify rights for crypto users and providers, following Kentucky's passage of a Bitcoin and Ethereum Self-Custody Law in March.
“We're getting ready to show the country that Ohio is ready to embrace the future of our economy and blockchain technology and digital assets,” Demetriou said before the vote.
“Once we pass this bill, we'll become one of the first states in the country to create a common-sense regulatory framework for these cutting-edge technologies and industries,” Demetriou added.
Other states considering new crypto regulations include Arizona, Florida, California, Texas, and Wyoming.
The Satoshi Action Fund, which advocates for state-level crypto policy reform, praised the passage of Wednesday’s bill through the House.
It’s a “clear signal” lawmakers are starting to come around to the idea of guarding the rights of industry participants, while “encouraging innovation in the Buckeye State,” Dennis Porter, CEO and co-founder of the Satoshi Action Fund, told Decrypt.
He also labeled the $200 capital gains exemption “a commonsense fix that helps everyday Bitcoin users avoid unnecessary tax complexity.”
“I’m optimistic this momentum will carry forward in the Senate and look forward to seeing Ohio emerge as a national leader on Bitcoin and digital asset policy,” he said.
The office of Representative Steve Demetriou did not respond to Decrypt's requests for comment.
Edited by Sebastian Sinclair
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