Ohio’s GOP Embraces Cryptocurrency
In Ohio, the Republican Party is making significant moves to mainstream cryptocurrencies, aligning with the interests of some party leaders.
Many within the state feel they’ve found a promising avenue for policy development.
“We chose to lead rather than follow,” said Ohio Treasurer Robert Sprague in an interview.
Several bills have been introduced aimed at increasing accessibility to cryptocurrencies. Among the goals is to allow citizens to pay their taxes using digital currencies.
These virtual currencies are managed within a digital framework known as blockchain. Similar to stocks, they can be traded. For context, Bitcoin, the most prominent cryptocurrency, has seen fluctuations and was valued at around $108,000 recently.
Senate Bill 57 proposes a Bitcoin Reserve Fund, enabling Ohio residents to use Bitcoin for tax payments and donations to the fund. House Bill 116 affirms that owners of virtual currencies can spend their assets on goods and services while securing them from certain taxes. Furthermore, House Bill 18 seeks authorization for treasurers to invest in “high-value digital assets.” Lastly, House Bill 426 introduces guidelines for “abandoned” currency.
This digital currency initiative was introduced during the last General Assembly, with key bills surfacing at the close of 2024.
Sprague has been pivotal in advocating for cryptocurrency. Recently, he announced that state agencies can start accepting digital coin payments immediately.
“The world is rapidly moving toward digital payments, and we don’t want Ohio to be left behind,” Sprague commented.
The topic also bridges divides with both Republican and Democratic leaders in the House weighing in.
House Speaker Matt Huffman (R-Lima) pointed out, “I think something dangerous like this needs to be looked at hard and long. I’m still scratching my head about cryptocurrencies.”
Both Huffman and Minority Leader Dani Isaac Thorne (D-Cincinnati) raised concerns. They noted the complexities involved in calculating Bitcoin payments due to its volatility.
“We need to closely monitor the crypto industry,” Isaacson stated. “There have been many abuses, and we’ve seen people lose everything without proper oversight.”
In terms of losses from cryptocurrency-related cybercrime, the FBI reported a staggering $9.3 billion in 2024.
I asked Sprague about concerns over fraud. He assured that the state’s system transforms the cryptocurrency into a different format upon submission—a process carefully planned over months.
However, at one time, clarity around the process was lacking.
Back in 2018, News 5 spoke with Bernie Moreno, a former car dealer and current state senator, who was then pushing for the adoption of this technology.
“Being the first to adopt technology gives you a real competitive edge,” Moreno remarked.
During that time, he facilitated Ohio’s first acceptance of digital currency for tax payments, making history as the first person in the state—and the nation—to do so.
The video captured him making the payment, alongside then-Finance Secretary Josh Mandel. In 2018, Mandel approved residents paying taxes in cryptocurrency, but the program was halted less than a year later following concerns about improper setup procedures.
Since then, policy discussions around cryptocurrencies had become stagnant, with little attention from legislative leaders.
“I don’t know if that’s a good idea,” Huffman expressed. “It’s not a priority.”
Both chambers of the legislature maintain that other issues, such as property taxes and education, take precedence.
“Should crypto really be a focus for lawmakers? Who’s pushing for it?” I asked Sprague.
His response was, “This is crucial because if we face a recession, we want to be a forward-thinking state.” He believes Ohio’s engagement with cryptocurrency could attract businesses.
Meanwhile, cryptocurrency has continued to receive backing from some notable political figures, with the Trump administration being a strong proponent. The family’s enterprises reportedly earned $1 billion from digital assets.
Another notable supporter, Vivek Ramaswamy, spoke at the Bitcoin Policy Institute earlier this year, expressing that, “Bitcoin represents not just a financial asset, but also a symbol of America’s greatness.”
Ramaswamy, who’s a Republican candidate for governor in 2026, has been consistently vocal about digital currencies.
I asked Sprague if Ramaswamy’s crypto plans would influence his own campaign for a lieutenant governor position.
“I can’t say,” he replied. “But I see Vivek as an innovative thinker focused on the state’s future.”
Some strategists believe Sprague is likely on Ramaswamy’s radar for a possible second-in-command role.
Beyond his governmental duties, Sprague is running for Secretary of State and has become the first statewide candidate to accept cryptocurrencies.
“We want to lead the way and enable people to use cutting-edge technologies in political campaigns,” he noted.
Sprague clarified that the cryptocurrency provider selected for state payments differs from the one he’s using for his campaign.
“Why are cryptocurrencies often harder to trace?” I asked.
He explained, “We plan to accept cryptocurrencies—while adhering to reporting obligations—and convert them into US dollars for campaign use as standard practice.” He also mentioned that he doesn’t currently own any digital assets.
