Pending legislation that would allow the Ohio treasurer to invest taxpayers’ dollars in cryptocurrency is too “risky” and not a priority, Republican House Speaker Matt Huffman said Wednesday. 

Speaking to reporters, Huffman offered a skeptical take on the proposal, which the cryptocurrency industry has pushed for around the nation in the past year. 

“I don’t know that it is a good idea – it’s not a priority,” he said. “I think these kinds of risky things, we need to have a long, hard look at those … I’m still scratching my head over cryptocurrency.”

The legislation was proposed by Rep. Steve Demetriou, a Northeast Ohio Republican who works for his family’s financial investment firm. It has come up for five hearings so far in a committee, often an optimistic signal for pending legislation, led by a chairman who’s enthusiastic about the bill. It hasn’t yet come up for any vote. 

While the details could change during the amendment process, the bill would allow the state treasurer to invest up to 10% of the value of certain state funds, some of which hold vast sums of liquid cash, into large market-cap (well monied) cryptocurrencies. 

A fiscal note authored by legislative analysts doesn’t estimate the potential size of a state investment under the bill and the sponsor didn’t answer as much. But the state treasurer currently manages $25 billion in state funds. 

State investments in crypto have grown popular among Republican politicians. President Donald Trump by executive order early in his current term established a federal “strategic bitcoin reserve.” Wyoming GOP Sen. Cynthia Lummis has proposed federal legislation to effectuate the order and federally acquire 5% of the entire bitcoin market. This, plus the potential state investments and investor confidence they’d likely bring, could drive the currency’s value skyward – a boom for early investors. 

The Ohio legislation is one of several bitcoin and crypto related bills, and comes as the sector becomes increasingly popular among investors. 

It also comes after the industry played an outsize role shaping the U.S. Senate with tens of millions of dollars of outside spending. Most prominently, some $40 million from crypto-backed super PACs boosted Ohio’s senior U.S. Sen. Bernie Moreno in his race against three-term incumbent Sherrod Brown.

 “Literally, the industry put Bernie Moreno in the Senate,” U.S. Sen. Tim Scott of North Carolina said at a Wyoming Blockchain Symposium, according to the Associated Press. 

Industry, statewide Republicans offer support 

The cryptocurrency industry – via the Ohio Blockchain Council, individual investors, and firms involved in crypto “mining” – backed the bill. So too did the offices of Ohio Secretary of State Frank LaRose, who’s running for state auditor in 2026, and state Treasurer Robert Sprague, who’s running for secretary of state. 

Both have signaled support for crypto in other ways as well. The Ohio Board of Deposit, an esoteric state board that includes the treasurer, recently voted to contract with a vendor that could facilitate a means to allow Ohioans to pay for state fees and services via bitcoin, which LaRose had requested. Sprague recently announced that his campaign would accept contributions in bitcoin, instead of U.S. dollars. 

Andrew Burchwell, executive director of the Ohio Blockchain Council, a lobbying group, didn’t respond to multiple interview requests. In committee testimony, he said states adopting similar policies signal themselves as “forward thinking” to the emerging industry. 

“We are not here today to encourage experimental or untested technology; we are here to recognize that this particular asset class has been around for 16 years and shows a strong historical footing and is recognized by major governments and institutions alike as having tremendous future promise,” he said. 

Demetriou, the bill’s sponsor, declined an interview request. In a statement, he praised Huffman for his thoughtful approach on the issue.

“HB18 was crafted with the safety and security of taxpayers’ dollars at the very top of mind,” he said. “The legislation establishes strict safeguards and a measured framework to ensure that any participation by the State of Ohio in digital assets is prudent and transparent.”

He didn’t respond to an inquiry of exactly how big of a state investment his bill would allow. 

Rep. Thad Claggett, a Republican who chairs the House Technology and Innovation Committee that’s considering Demetriou’s bill, expressed support in an interview. 

He emphasized that the bill is discretionary – it doesn’t force the investments, it only allows state officials to pursue them. And the state can only invest in well capitalized funds. The bill would prohibit investing in so-called “meme coins” known for their dramatic volatility, internet-adjacent humor and nihilism, and sleazy tactics like what crypto-investors call “rug pulls.”

Claggett’s financial disclosure statement reflects an array of 24 traditional investments in mutual funds, stocks and ETFs, each worth at least $1,000. He said he’s not invested in crypto yet, mostly due to personal time constraints, but he’s eager to try it out with a few thousand dollars.

“We believe at this point in history that crypto type funds are going to be a thing,” he said. “It’s not a flash in the pan like we thought it might have been 10 years ago. It’s real. It’s not imaginary. And it’s not a Ponzi Scheme either.”

Speaker, other critics of crypto loom 

Opposition from the House Speaker isn’t necessarily a deal breaker, but it’s a high hurdle to clear. 

When asked about the bill, Huffman reflected on his previous local government service and recalled strict guidelines as to how the people’s money should be invested. He said he keeps his own retirement in more tried and true financial instruments.

“You know, I took the advice from somebody 40 years ago that said, ‘If you have a 401k, put all your money in large cap stocks and the S&P500, and over a period of time, you’ll have a better rate of return than any financial planner.’ And that’s still true today. I do think that we could invest in other things. But I’m still scratching my head over cryptocurrency,” he said. 

Another Republican on the committee reviewing the bill, Rep. Adam Holmes, said he appreciates the conversation the bill forced. But crypto is too “immature” a market for taxpayer dollars, he said. 

“I have some employees that have invested in crypto, and they’ve really lost a lot of money,” he said. “I question whether it’s a sound investment for public money.”

The ranking House Democrat, Rep. Dani Issacsohn, made similar remarks to Cleveland.com, warning that loose oversight of crypto markets has left  “a lot of people losing their livelihoods and being taken advantage of.”

Other states investing in crypto or considering it

Other states have begun diving into crypto’s waters. 

New Hampshire in May became the first state to allow investment of up to 5% of state funds into crypto. 

Texas followed one month later, kicking $10 million in state monies into the sector. 
In Arizona, the state’s Democratic governor vetoed a Republican-backed measure to allow state funds into a state crypto reserve. Massachusetts, Michigan and North Carolina, among others, are considering similar bills.