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Minnesota and Alabama are the latest states looking at ways to bring Bitcoin into their public finances. Lawmakers in both states introduced bills on April 1 that could allow state governments to hold Bitcoin and potentially use it for tax payments and employee retirement accounts.
In Minnesota, the proposal is called the Bitcoin Act (HF 2946). Republican Representative Bernie Perryman introduced the bill shortly after Senator Jeremy Miller proposed a similar version in March. The plan would give the state’s investment board permission to add Bitcoin and other digital assets to its portfolio.
Minnesota’s bill also looks beyond investments. It includes a tax exemption on crypto gains, an option for residents to pay fees and taxes in Bitcoin, and the choice for state employees to include crypto in their retirement savings. These features suggest a long-term vision for Bitcoin use at the state level.
Alabama lawmakers are also pushing forward with their own approach. Senate Bill 283 and House Bill 482 both propose the creation of a cryptocurrency reserve. While the bills don’t mention Bitcoin by name, they include a $750 billion minimum market value requirement. As of now, only Bitcoin meets that threshold, making it the only cryptocurrency eligible under the proposal. Senator Will Barfoot and Representative Mike Shaw are leading the effort, with backing from members of both parties.
Across the country, 26 states have introduced bills focused on Bitcoin reserves. Some states, like Arizona, are close to moving forward. Others, including Wyoming and Montana, have faced more resistance due to political pushback or concerns about risk.
Alabama and Minnesota’s decision to introduce similar bills on the same day shows an effort to speed up the legislative process. If passed, these proposals could influence how other states approach Bitcoin as part of public financial planning.