Legislators in the US states of Minnesota and Alabama have presented equivalent bills to existing ones that, if enacted, would permit each state to purchase Bitcoin.
The Minnesota Bitcoin Act, also referred to as HF 2946, was introduced to the state’s House by Republican Representative Bernie Perryman on April 1, subsequent to an identical proposal that was introduced on March 17 by GOP state Senator Jeremy Miller.
Similarly, on the same day in Alabama, Republican state Senator Will Barfoot brought forth Senate Bill 283, while a bipartisan group of lawmakers spearheaded by Republican Mike Shaw submitted the comparable House Bill 482, which allows for the state to invest in cryptocurrencies, predominantly restricting it to Bitcoin (BTC).
Alabama’s bills do not explicitly mention Bitcoin
The Minnesota Bitcoin Act would enable the state’s investment board to invest state resources in Bitcoin and other digital currencies and allow state workers to incorporate cryptocurrencies into retirement accounts.
Moreover, it would exempt crypto earnings from state income taxes and provide residents the opportunity to settle state taxes and fees with Bitcoin.
Source: Bitcoin Laws
Although the Alabama bills do not distinctly cite Bitcoin, they would confine the state’s cryptocurrency investments to assets with a minimum market valuation of $750 billion, a benchmark that only Bitcoin currently satisfies.
26 Bitcoin reserve bills have now been introduced in the US
Presenting identical legislation is a common practice in the US, often used to hasten the bicameral legislative system, facilitating quicker passage of laws.
Proposals to establish a Bitcoin reserve have been presented in 26 US states, with Arizona presently being the closest to enacting such a law, as per data from the bill tracking platform Bitcoin Laws.
Arizona currently takes the lead in the US state Bitcoin reserve race. Source: Bitcoin Laws
Pennsylvania was among the first US states to propose a Bitcoin reserve bill, in November 2024. However, the initiative was reportedly ultimately dismissed, with comparable bills also stalled in Montana, North Dakota, South Dakota, and Wyoming.
Related: North Carolina bills aim to incorporate crypto into the state’s retirement framework
Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming are the five states that have rejected Bitcoin reserve proposals. Source: Bitcoin Laws
According to a report from Barron’s dated March 3, “red states” such as Montana have encountered obstacles to Bitcoin reserve proposals due to political clashes between the Democratic and Republican parties.
Additional reporting by Helen Partz.
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