Legislators in the US states of Minnesota and Alabama have proposed companion measures to similar existing legislation that, if enacted, would enable each state to acquire Bitcoin.
The Minnesota Bitcoin Act, known as HF 2946, was brought forth to the state’s House by Republican Representative Bernie Perryman on April 1, after a similar measure was introduced on March 17 by GOP state Senator Jeremy Miller.
Simultaneously, on that same day in Alabama, Republican state Senator Will Barfoot introduced Senate Bill 283, while a bipartisan coalition of representatives led by Republican Mike Shaw submitted the matching House Bill 482, which allows the state to invest in cryptocurrencies, but primarily restricts it to Bitcoin (BTC).
Twin Alabama bills don’t specifically mention Bitcoin
The Minnesota’s Bitcoin Act would authorize the state’s investment board to allocate state assets into Bitcoin and other cryptocurrencies, as well as permit state employees to incorporate crypto into retirement accounts.
It would also exempt cryptocurrency profits from state income taxes and provide residents with the ability to settle state taxes and fees using Bitcoin.
Source: Bitcoin Laws
The twin Alabama measures do not directly specify Bitcoin but would restrict the state’s cryptocurrency investments to assets having a minimum market value of $750 billion, a condition that only Bitcoin presently satisfies.
26 Bitcoin reserve measures now proposed in the US
Presenting similar measures is not unusual in the US and is frequently executed to accelerate the bicameral legislative procedure, allowing laws to pass more rapidly.
Proposals for establishing a Bitcoin reserve have been presented in 26 US states, with Arizona currently the closest to passing legislation for one, based on information from the bill tracking platform Bitcoin Laws.
Arizona is currently leading the US state Bitcoin reserve competition. Source: Bitcoin Laws
Pennsylvania was among the first US states to initiate a Bitcoin reserve measure in November 2024. Nonetheless, the initiative was reportedly ultimately rejected, with comparable bills also being dismissed in Montana, North Dakota, South Dakota and Wyoming.
Related: North Carolina measures would incorporate crypto into the state’s retirement system
Montana, North Dakota, Pennsylvania, South Dakota and Wyoming are the five states that have dismissed Bitcoin reserve initiatives. Source: Bitcoin Laws
According to a report from March 3 by Barron’s, “red states” such as Montana have encountered obstacles to the Bitcoin reserve proposals amidst political conflicts between the Democratic Party and the Republican Party.
Additional reporting by Helen Partz.
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