Cryptocurrency has gotten a new label – and it may be something that will ultimately stick, for government purposes. Paul Grewal, Chief Legal Officer of Coinbase, explained in three simple terms: Financial trading equipment.
It’s not just a catchy phrase, it’s a nod to what’s happening right now in Ohio. There, it is pushing for state officials to officially allow crypto payments for government services.
On April 25th, Secretary of State Frank Larrath and treasurer Robert Sprague called on the State Deposit Commission to recognize cryptocurrencies like Bitcoin as a legitimate way to pay state fees.
If the board agrees, it will be marked for the first time by Ohio to designate a digital asset as a certified “financial trading device.” That is the exact term Grewal recently spoke out, saying that cryptocurrencies could and should be recognized in this way.
The state government accepts crypto payments. Ohio @Franklarose and @OhiotReasurer Robert Sprague are calling on Buckeye State to do this. Cryptocurrency could be designated as a “financial trading device” certified by… https://t.co/7pkhyct7o3.
– Paulgrewal.eth (@iampaulgrewal) May 5, 2025
Ohio is not used to encryption. A few years ago, the state forced businesses to pay taxes in Bitcoin, but the effort was shut down after being set up after legal issues. This time, authorities say they have followed the right process from the start.
The idea is simple. Just like with credit cards, people and businesses will use Crypto via state-approved payment processors. Value is converted to dollars and the state is paid – by a book in clean.
Grewal’s three-word framing captures something easily – the code doesn’t have to be considered something different. The Ohio initiative is about incorporating digital payments into daily government operations. If that works, it could set precedents other states should follow.
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