In the US, the states of Minnesota and Alabama have introduced bills that would allow investing in Bitcoin and other cryptocurrencies at the state level.
Proposed Laws in Minnesota and Alabama
In Minnesota, the Bitcoin Act was introduced by Representative Bernie Perryman on April 1, following an identical bill proposed by Senator Jeremy Miller. In Alabama, Senator Will Barfoot introduced Senate Bill 283, while a bipartisan group of representatives led by Mike Shaw filed a similar bill.
What the New Bills Propose
The Minnesota bill would allow state investment in Bitcoin from state funds and enable employees to include cryptocurrency in retirement accounts. It also proposes to exempt crypto gains from state income taxes and allows paying state services with Bitcoin. In Alabama, the bills do not explicitly name Bitcoin but limit investments to assets with a market value of at least $750 billion.
State of Legislative Initiative in the US
According to Bitcoin Laws, similar Bitcoin reserve bills have been introduced in 26 states. The bill in Arizona is closest to becoming law. However, initiatives in other states like Pennsylvania and Montana have not been successful.
The proposed bills in Minnesota and Alabama reflect a growing interest in integrating cryptocurrencies at the state level, potentially heralding broader financial policy changes across US states.
