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It's time to say hello to a fresh new tag: cryptocurrency is now being referred to as a "financial transaction device." But this isn't just catchy talk - it's a nod to what's brewing in Ohio, where officials are pushing hard to make crypto payments legit for government services.
Paul Grewal, Chief Legal Officer at Coinbase, gave us a sneak peek into the future with this three-word label. And it's all about how things are shaping up in the Buckeye State right now.
Secretary of State Frank LaRose and Treasurer Robert Sprague have made their moves, calling on the State Board of Deposit to recognize cryptocurrencies like Bitcoin as a legitimate payment option. If the board agrees, it would be the first time Ohio recognizes digital assets as an authorized "financial transaction device." And guess who just happens to have said something similar? Yep, Paul Grewal.
Now, Ohio isn't exactly new to the crypto game. A few years back, the state dabbled with businesses paying taxes in Bitcoin, but it was short-lived due to legal kinks that popped up. But this time, officials are saying they've got their ducks in a row.
The plan is simple: let people and businesses use crypto through state-approved payment processors, just like with a credit card. The value gets converted to dollars, and the state gets paid - all above-board.
Grewal's words ring true: crypto doesn't have to be seen as something alien and strange. Ohio's initiative is all about making room for digital payments in everyday government operations. And if it succeeds, it could pave the way for other states to follow suit.
Now, here's the scoop from the backend:
Behind the Scenes:
Legislative Push:As of early May 2025, Secretary of State Frank LaRose and Treasurer Robert Sprague have been urging the State Board of Deposit to authorize cryptocurrency payments for government services since April 2025. Their proposal aims to let state agencies accept crypto via payment processors approved by the Treasurer’s office[1][4].
Treasurer’s Reservations:While Treasurer Sprague is supportive of crypto payment frameworks, he has voiced concerns about investing state funds in digital currencies due to potential taxpayer risk. Specifically, he opposed a separate legislative proposal to create a state cryptocurrency strategic reserve[2].
Implementation Status:As of now, the Board of Deposit is yet to formally adopt the crypto payment authorization. However, the initiative remains a go-ahead, with proponents framing it as a modernization effort to keep Ohio in line with emerging financial technologies[3][4].
- Coinbase's Chief Legal Officer, Paul Grewal, shared similar views with Ohio officials, as they all aim to make cryptocurrencies like Bitcoin a legitimate payment option for government services.
- Despite a previous short-lived experiment with businesses paying taxes in Bitcoin, Ohio is now gearing up to officially recognize digital assets as a financial transaction device.
- If the State Board of Deposit grants this authorization, Ohio would be the first state to officially accept cryptocurrencies like XRP for state services through state-approved payment processors.
- While Ohio's Treasurer, Robert Sprague, is supportive of crypto payment frameworks, he has expressed concerns about investing state funds in digital currencies, due to potential taxpayer risk.
- The implementation of this crypto payment authorization is yet to be formally adopted by the Board of Deposit, but it remains a go-ahead as proponents view it as a modernization effort to keep Ohio in line with emerging financial technologies.
