Steve Demetriou, House Representative for Ohio | Facebook
Steve Demetriou, House Representative for Ohio | Facebook
Steve Demetriou, House Representative of Ohio, announced new legislation aimed at supporting digital asset self-custody, exempting small cryptocurrency payments from capital gains tax, and promoting fair Bitcoin mining rules. The statement was made on the social media platform X.
"Last week, the Ohio House passed my bill, HB 116, with strong bipartisan support," said Demetriou. "It protects self-custody of a person's digital assets, removes capital gains tax on crypto payments under $200, and ensures fair treatment of Bitcoin mining. In Ohio, we're proud to lead, not follow, on innovation!"
Ohio has advanced its digital asset legislation in 2025 with the Blockchain Basics Act (HB 116), which exempts small cryptocurrency payments under $200 from capital gains tax and prohibits local governments from taxing or restricting cryptocurrency use, as reported by Cointelegraph. The bill also deregulates crypto mining and staking, aiming to position Ohio as a blockchain innovation hub.
According to the Ohio Division of Securities, 928 Ohio residents reported cryptocurrency-related scams in the past year, resulting in approximately $69.6 million in losses. Nationally, as of mid-2022, nearly 15% of adults had made at least one cryptocurrency transaction, indicating broad adoption and growing risks associated with digital assets.
The Ohio Legislature notes that HB 18, the Strategic Cryptocurrency Reserve Act, permits the state treasurer to invest up to 10% of interim public funds in major cryptocurrencies like Bitcoin. This places Ohio alongside states such as Utah and Oklahoma, which have enacted similar treasurer-led cryptocurrency investment laws, reflecting proactive public finance policy.
According to legislative records, Steve Demetriou is a Republican state representative who has championed Ohio’s blockchain bills, sponsoring both HB 116 and HB 18. Demetriou's focus includes deregulating crypto mining and payment innovation to drive Ohio’s financial technology leadership and digital asset adoption.
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