Minnesota is the latest American state to consider legislation concerning cryptocurrency. The Minnesota Bitcoin Act is somewhat deceptively titled, however, as the bill refers to “Bitcoin and other cryptocurrencies” throughout.
The bill, while made public on March 14, is dated March 17. It makes no mention of any kind of reserve.
The Minnesota bill is simple but comprehensive
The proposals are fairly simple. The bill adds crypto to the list of investment options available to the State Board of Investment. It adds crypto to the list of forms of payment the state will accept. In addition, the bill allows cryptocurrency received to be subtracted from federal adjusted gross income and it excludes cryptocurrency gains from certain tax calculations.
It will be introduced into the state senate by Republican Jeremy Miller. After that, the bill will be referred to that body’s State and Local Government Committee. Changes made under the act would become effective on either Dec. 31 or Jan. 1, 2026.
Minnesota revised its legislation to incorporate updates to the Uniform Commercial Code, but has little oversight over cryptocurrency beyond that. The Department of Commerce requires cryptocurrency exchanges to be registered as money transmitters, which is a common practice among states. Minnesota also has a law protecting consumers who use cryptocurrency kiosks (ATMs), which was enacted in 2024.
Minnesota lawmakers are divided on crypto on the federal level
Although the state is hardly a crypto hub, Minnesota is the home of cryptocurrency proponent Tom Emmer, who has served in the U.S. House of Representatives since 2014. Emmer is the vice chair of the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.
Emmer reintroduced the Anti-CBDC Surveillance State Act, aimed at preventing the United States from issuing a central bank digital currency, on March 6. He has been pushing the bill since 2022. A different version of it passed the House in 2024.
U.S. President Donald Trump signed an executive order prohibiting federal agencies from establishing, issuing, or promoting CBDCs on Jan. 23.
Emmer’s seven colleagues in the House are divided 4-3 in favor of crypto across party lines, according to Stand with Crypto. Its senators are firmly against it.
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