In the United States, lawmakers in Minnesota and Alabama have introduced companion bills to existing legislation that, if enacted, would enable both states to purchase Bitcoin.
The Minnesota Bitcoin Act, designated as HF 2946, was put forth in the state’s House by Republican Representative Bernie Perryman on April 1, following a similar bill introduced on March 17 by GOP state Senator Jeremy Miller.
On the same day in Alabama, Republican state Senator Will Barfoot brought forth Senate Bill 283, while a bipartisan group of representatives, led by Republican Mike Shaw, filed the corresponding House Bill 482, which permits state investment in cryptocurrencies, primarily focusing on Bitcoin (BTC).
Twin Alabama bills do not explicitly mention Bitcoin
The Minnesota Bitcoin Act would allow the state’s investment board to allocate state assets to Bitcoin and other cryptocurrencies, as well as enable state employees to include crypto in their retirement accounts.
Additionally, this act would exempt crypto profits from state income taxes and offer residents the choice to pay state taxes and fees using Bitcoin.
Source: Bitcoin Laws
Although the twin bills in Alabama do not specifically reference Bitcoin, they stipulate that the state’s cryptocurrency investments must be made in assets that have a market value of at least $750 billion, a requirement that Bitcoin currently satisfies.
26 Bitcoin reserve bills have been introduced in the US
The emergence of identical bills is a common practice in the US, usually to accelerate the bicameral legislative process and facilitate quicker law passage.
A total of 26 states in the US have put forward bills to establish a Bitcoin reserve, with Arizona being the closest to enacting such legislation, according to the bill tracking platform Bitcoin Laws.
Arizona currently leads in the race for a Bitcoin reserve among US states. Source: Bitcoin Laws
Pennsylvania was one of the pioneering states to propose a Bitcoin reserve bill back in November 2024. However, the initiative was reportedly rejected, with similar proposals also being dismissed in Montana, North Dakota, South Dakota, and Wyoming.
Related: North Carolina bills aim to integrate crypto into the state’s retirement system
Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming are among the states that have turned down Bitcoin reserve initiatives. Source: Bitcoin Laws
According to a report by Barron’s on March 3, states typically associated with the Republican Party, such as Montana, have encountered challenges with Bitcoin reserve initiatives amid political disputes between the two major parties.
Additional reporting by Helen Partz.
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