OH HB585

Creates a new "special purpose depository institution" charter in Ohio requiring $10 million minimum capital, 100% liquid asset reserves against deposits, and prohibiting lending activities while allowing custody of digital assets, payment services, and gold/silver trading

Establishes legal framework for decentralized autonomous organizations (DAOs) as a type of LLC, allowing management by smart contracts, defining membership interests, and requiring specific disclosure language about restricted member rights

Classifies digital assets into three categories under the Uniform Commercial Code: digital consumer assets (general intangibles), digital securities (investment property), and virtual currency (treated as money for secured transactions purposes)

Authorizes Ohio-chartered banks and credit unions to provide custodial services for digital assets with 60 days' notice to the Superintendent of Financial Institutions, including requirements for segregated custody, customer agreements, and prohibition on rehypothecation

Exempts special purpose depository institutions from money transmitter licensing requirements and adds them to the definition of "bank organization" for financial institutions tax purposes under Chapter 5726