Ohio Joins Louisiana in Accepting Crypto Tax Payments – Is the US Adopting Crypto En Masse?

• Ohio started accepting crypto tax payments, joining Louisiana and Colorado.
• Fourteen other US states are considering accepting crypto tax payments and government spending.
• The recent US political landscape is favorable for crypto adoption, especially Donald Trump's 180-degree shift to crypto advocate.

Ohio just went all in on crypto.

The state senator (Niraj Antani) proposed legislation yesterday to start accepting crypto payments for local and state taxes. All political subdivisions must start accepting Bitcoin and other crypto coins (specific coins to be determined).

Cryptocurrency is not just the future, but it's the present of our 21st-century economy.Niraj Antani, Ohio State Senator

This comes after Louisiana officials started accepting crypto payments last month. And these aren't the only two US states that have done this.

Let's see how Ohio plans to capitalize on crypto and what this means for US crypto adoption.

Ohio's History with Crypto - A Journey Leading to SuccessOhio tried implementing crypto tax payments in 2018. In fact, it was the first US state to do it.

Then-State Treasurer Josh Mandel was behind it, though theinitiative ultimately failedwhen the Attorney General claimed the program needed the approval of the State Board of Deposits.

Antani praised Mandel's visionary leadership in taking the crypto roadbefore anyone else, saying, Ohioans have him to thank for being an early adopter of this innovation.'

The current bill will bypass that obstacle by seeking explicit approval for tax and fee crypto payments. It will also allow pension funds and state universities to invest in Bitcoin.

If it goes through, the bill would be a massive step forward for crypto adoption in Ohio.

We should mention that Ohio politicians seem to have received funding from crypto companies, which could have influenced this decision.

But what about the rest of the US? Are other states accepting crypto payments?

14 States Are Considering Crypto Tax Payments

Colorado, Louisiana, and Ohio are already accepting crypto tax payments, while 14 others are considering similar legislation.

This means over a quarter of US states are either accepting crypto tax payments or considering it.

That's more than anyone thought possible, and it speaks volumes about the importance of crypto in the US. It's not a stretch to assume that more and more states will accept crypto tax payments in the future.

According to a 50-state review, most US states have crypto and blockchain regulations, with only the District of Columbia, Massachusetts, Minnesota, Mississippi, Missouri, Pennsylvania, and Wisconsin sitting on the fence.

That's seven states out of 50 that haven't tackled the crypto industry yet. Everyone else has issued some crypto legislation, be it good or bad.

California, in particular, took a significant step forward when the Department of Motor Vehicles started using blockchain as a database for its records. This improved overall security and the efficiency of record-keeping.

Meanwhile, Donald Trump's World Liberty Financial recently opened signups for accredited investors. Trump's 180-degree shift from crypto detractor to crypto king could signify a transition for the US, leading to a pro-crypto future.

The following presidential elections should shed light on how the crypto industry will fare in the coming years. Even Kamala Harris promises crypto growth, so no matter who wins, crypto could still advance.

Verdict - Where's the US Situated in Terms of Crypto Adoption?

The US has taken to crypto reasonably well, especially in recent years. While most states still don't accept crypto tax payments, 14 are considering it, and three already do.

Let's remind ourselves that accepting crypto payments for taxes differs entirely from legislation for personal or business crypto use.

We'll see where things are going. But so far, the US crypto landscape is looking optimistic.

References

• Ohio Senator Introduces Bill to Allow Bitcoin, Crypto Payments for State Taxes (Decrypt)
• Crypto's risky bet in Ohio (Politico)
• 50-State Review of Cryptocurrency and Blockchain Regulation (Wharton University)

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