Minnesota and Alabama lawmakers introduce companion bills to buy Bitcoin

Lawmakers in the US state of Minnesota and Alabama have filed companion bills to identical existing bills that will allow each state to buy Bitcoin.

Lawmakers in the US state of Minnesota and Alabama have filed companion bills to identical existing bills that will allow each state to buy Bitcoin.

Republican Representative Bernie Perryman, of Minnesota’s House District 1A, introduced the Minnesota Bitcoin Act, or HF 2946, on April 1.

The bill follows an identical one introduced on March 17 by GOP state Senator Jeremy Miller, of District 16, and would allow the state’s investment board to invest state assets in Bitcoin and other cryptocurrencies.

It would also exempt crypto gains from state income taxes and give residents the option to pay state taxes and fees with Bitcoin.

Meanwhile, on the same day in Alabama, Republican Senator Will Barfoot introduced Senate Bill 283 while a bipartisan group of Representatives led by Republican Mike Shaw filed the identical House Bill 482, which allows for the state to invest in crypto, but essentially limits it to Bitcoin (BTC).

Twin Alabama bills don’t explicitly name Bitcoin

The twin Alabama bills don’t explicitly name Bitcoin, but it would limit the state’s crypto investment into assets that have a minimum market value of $750 billion — a criterion that only Bitcoin currently meets.

Introducing identical bills is not uncommon in the US and is typically done to speed up the legislative process so laws can pass more quickly.

Bills to create a Bitcoin reserve have been introduced in 26 US states, with Arizona currently the closest to passing a law to make one, according to data from the bill tracking website Bitcoin Laws.

(Chart: Bitcoin Laws)

Pennsylvania was one of the first US states to introduce a Bitcoin reserve bill in November 2024. However, the initiative was reportedly eventually rejected, along with similar twins bills in Montana, North Dakota, South Dakota and Wyoming.

(Chart: Bitcoin Laws)

According to a March 3 report by Barron’s, “red states” like Montana have likely faced setbacks to the Bitcoin reserve initiatives due to political confrontation of the Democratic Party with the Republican Party.