Minnesota is considering a new bill that could transform the state's approach to digital assets, facilitating their integration into various financial systems.
New Bill in Minnesota
On March 18, 2025, Senator Jeremy Miller introduced the Minnesota Bitcoin Act (SF2661) aimed at modernizing the state's approach to digital assets and positioning Minnesota as a leader in the sector.
Key Provisions of the Bill
If passed, the bill would allow the Minnesota State Board of Investment to allocate public funds to Bitcoin and other cryptocurrencies, treating them similarly to stocks and bonds. State employees could include crypto in their retirement portfolios. The bill also proposes expanding cryptocurrency use by allowing residents to pay state taxes and fees in Bitcoin. Tax incentives are introduced, enabling certain Bitcoin and crypto earnings to be deducted from taxable income.
Position of Other States
Texas has been at the forefront of state-level crypto adoption, supporting investment-friendly policies. The recently proposed Senate Bill 778 awaits review in the House. Meanwhile, several other states, including Georgia, Pennsylvania, Ohio, New Hampshire, and North Dakota, are also deliberating various proposals to integrate Bitcoin into their financial systems.
Minnesota's bill could create new financial opportunities and give the state a strategic advantage in the digital economy, joining it with a group of states actively exploring cryptocurrency integration into their systems.
