COLUMBUS, Ohio (WCMH) — As the 135th state legislature winds down, a cryptocurrency bill has a few more chances to affect how Ohio universities interact with Bitcoin.

Senate Bill 317 would require the state to accept Bitcoin and other cryptocurrencies as payment for taxes. The bill would also allow universities and state retirement systems to buy Bitcoin as an investment. NBC4 anchor Jerod Smalley recently asked Ohio State University President Ted Carter about SB 317 and what it could mean for the university. Carter said the decision was out of his hands.

“We have a whole team that looks at long range and short range investments, and I would defer to their expertise first, and then of course our Board has fiduciary oversight,” Carter said. “I would just sit here and tell you I don’t drive our long range investments from my seat, and I wouldn’t think it would be appropriate for me to do that.”

Ohio State has been tied to Bitcoin before, namely in its spring commencement speaker, who encouraged graduates and attendees to invest in Bitcoin with Carter as his impromptu assistant. Carter distanced himself from the speaker but not from Bitcoin entirely. He sits on the board of directors for Bitcoin miner TeraWulf, Inc.

Carter has been a member of the board since November 2021. He is on the nominating and corporate governance board for the company, and serves as the chair of TeraWulf’s audit board.

Carter said despite his role for TeraWulf, he does not personally own any Bitcoin. He does still have money tied up in the business; in 2022, Carter was paid $205,275 via cash or stocks by TeraWulf for his role. He also owns nearly 200,000 shares of the company, according to company documents from March 2024.

Ohio Administrative Code does allow university employees — even the President — to sit on governing boards, and chief spokesperson for Ohio State Benjamin Johnson previously told NBC4 that it was not uncommon for presidents to hold outside roles. If the university does invest, there could be discussions of how his role affects OSU’s investments, but the bill would have to progress for it to happen.

“Ohio State will review the legislation and engage with relevant lawmakers as necessary should the bill move through the legislative process,” Christopher Booker, Ohio State media and PR director, said.

Currently, the bill is in the Senate Financial Institutions and Technology Committee, where it was referred on Nov. 12. In its time in committee, it has yet to receive any further action. There are two more Senate committee hearings and two more Senate sessions scheduled for 2024 where it could see action. If it is not approved, it would need to be re-introduced by a new sponsor next year.