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ARTICLE · 22 JULY 2022

Ohio Embraces Blockchain Technology And Digital Assets

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Rising interest rates and a general economic downturn in 2022 has impacted the value of digital assets, including the relatively well-established likes of Bitcoin and Ether. In addition to market...

United StatesTechnology
David A. Lopez-Kurtz
David A. Lopez-Kurtz

I. Introduction

Rising interest rates and a general economic downturn in 2022 has impacted the value of digital assets, including the relatively well-established likes of Bitcoin and Ether. In addition to market headwind, momentum around federal digital assets regulation is growing, culminating in the proposed "Responsible Financial Innovation Act" (the "RFIA"). The RFIA would, among other things, clarify the treatment of decentralized autonomous organizations ("DAOs") and create a new asset class - "ancillary assets" - which would encompass most digital assets (including those that qualify as investment contracts), and would be regulated as commodities by the CFTC.1>

Despite the market downturn, and perhaps in response to movement at the federal level, the Ohio legislature has made digital assets a legislative priority in 2022. First, Ohio House Bill 177.05 ("HB 177.05") passed in March. HB 177.05 grants Ohio governmental entities authority to leverage

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