Alabama and Minnesota File Bills to Add Bitcoin to Reserves

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Lawmakers in Minnesota and Alabama have introduced companion bills that, if passed, would enable each state to purchase Bitcoin.

In Minnesota, the Bitcoin Act, known as HF 2946, was introduced by Republican Representative Bernie Perryman on April 1, following a similar bill presented on March 17 by GOP state Senator Jeremy Miller.

Similarly, on the same day in Alabama, Republican state Senator Will Barfoot introduced Senate Bill 283, and a bipartisan group led by Republican Mike Shaw filed House Bill 482, focusing on crypto investments, primarily Bitcoin.

Minnesota’s Bitcoin Act proposes allowing the state’s investment board to invest in Bitcoin and other cryptocurrencies, and permits state employees to include crypto in retirement accounts. It also aims to exempt crypto gains from state income taxes and enable residents to pay taxes and fees with Bitcoin.