The Minnesota Bitcoin Act is somewhat deceptively titled

The bill, while made public on March 14, is dated March 17. It makes no mention of any kind of reserve.

Minnesota state lawmakers are considering a bill, the Minnesota Bitcoin Act, that would allow the State Board of Investment to invest in Bitcoin and other cryptocurrencies.

The bill, which was dated March 17 and made public on March 14, does not mention any kind of reserve. It also proposes adding crypto to the list of forms of payment that the state will accept. In addition, the bill will subtract any cryptocurrency received from federal adjusted gross income and exclude cryptocurrency gains from certain tax calculations.

The proposals will be introduced into the state senate by Republican Jeremy Miller and referred to that body’s State and Local Government Committee. Changes made under the act will become effective on either Dec. 31 or Jan. 1, 2026.

Minnesota recently revised its legislation to incorporate updates to the Uniform Commercial Code, but it has little oversight over cryptocurrency. The Department of Commerce requires cryptocurrency exchanges to be registered as money transmitters, which is a common practice among states. Minnesota also has a law that protects consumers who use cryptocurrency kiosks (ATMs), which was enacted in 2024.

The state is not a major hub for cryptocurrency, but it is the home of cryptocurrency proponent Tom Emmer, who has served in the U.S. House of Representatives since 2014. Emmer is the vice chair of the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.

Emmer reintroduced the Anti-CBDC Surveillance State Act, which is aimed at preventing the United States from issuing a central bank digital currency, on March 6. He has been pushing the bill since 2022, and a different version of it passed the House in 2024.

President Donald Trump signed an executive order prohibiting federal agencies from establishing, issuing, or promoting CBDCs on Jan. 23.

Emmer’s seven colleagues in the House are divided 4-3 in favor of crypto across party lines, according to Cryptopolitan Academy, while its senators are firmly against it.