Lawmakers within the US states of Minnesota and Alabama filed companion payments to equivalent current payments that if handed into regulation, would permit every state to purchase Bitcoin.
The Minnesota Bitcoin Act, or HF 2946, was introduced to the state’s Home by Republican Consultant Bernie Perryman on April 1, following an identical bill launched on March 17 by GOP state Senator Jeremy Miller.
In the meantime, on the identical day in Alabama, Republican state Senator Will Barfoot introduced Senate Invoice 283, whereas a bi-partisan group of representatives led by Republican Mike Shaw filed the equivalent Home Invoice 482, which permits for the state to put money into crypto, however primarily limits it to Bitcoin (BTC).
Twin Alabama payments don’t explicitly identify Bitcoin
Minnesota’s Bitcoin Act would permit the state’s funding board to take a position state belongings in Bitcoin and different cryptocurrencies and allow state staff so as to add crypto to retirement accounts.
It might additionally exempt crypto beneficial properties from state revenue taxes and provides residents the choice to pay state taxes and costs with Bitcoin.
Supply: Bitcoin Laws
The dual Alabama payments don’t explicitly establish Bitcoin, however would restrict the state’s crypto funding into belongings which have a minimal market worth of $750 billion, a criterion that solely Bitcoin presently meets.
26 Bitcoin reserve payments now launched within the US
Introducing equivalent payments isn’t unusual within the US and is often carried out to hurry up the bicameral legislative course of so legal guidelines can cross extra shortly.
Payments to create a Bitcoin reserve have been launched in 26 US states, with Arizona presently the closest to passing a regulation to make one, in line with data from the invoice monitoring web site Bitcoin Legal guidelines.
Arizona presently leads within the US state Bitcoin reserve race. Supply: Bitcoin Legal guidelines
Pennsylvania was one of many first US states to introduce a Bitcoin reserve bill, in November 2024. Nonetheless, the initiative was reportedly ultimately rejected, with related payments additionally killed in Montana, North Dakota, South Dakota and Wyoming.
Associated: North Carolina bills would add crypto to state’s retirement system
Montana, North Dakota, Pennsylvania, South Dakota and Wyoming are the 5 states thathave rejected Bitcoin reserve initiatives. Supply: Bitcoin Legal guidelines
According to a March 3 report by Barron’s, “pink states” like Montana have confronted setbacks to the Bitcoin reserve initiatives amid political confrontations between the Democratic Occasion and the Republican Occasion.
Further reporting by Helen Partz.
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