Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

Lawmakers in Alabama and Minnesota have recently introduced bills aimed at allowing their states to invest in Bitcoin, joining a broader trend across the United States where multiple states are exploring similar initiatives.

Alabama lawmakers have introduced Senate Bill 283 and House Bill 482, which are companion bills designed to permit the state to invest in cryptocurrencies, specifically those with a market capitalization exceeding $750 billion, a criterion currently met only by Bitcoin.

The bills propose that up to 10% of the state's public funds can be allocated to these digital assets, which must be held directly by the state treasurer or through qualified custodians.

By introducing identical bills in both legislative chambers, Alabama aims to expedite the legislative process.

Introduced by Republican Representative Bernie Perryman and Senator Jeremy Miller, the Minnesota Bitcoin Act allows the state's investment board to invest in Bitcoin and other cryptocurrencies, similar to traditional assets.

The act also enables state employees to add cryptocurrencies to their retirement accounts, exempts crypto gains from state income taxes, and allows residents to pay state taxes and fees with Bitcoin.

Minnesota's initiative is part of a larger movement where states are considering Bitcoin as a viable investment option for public funds.

Currently, bills to create Bitcoin reserves have been introduced in 26 U.S. states, reflecting a growing interest in integrating cryptocurrencies into state financial systems.

States like Arizona, Texas, and Oklahoma are also actively pursuing Bitcoin reserve legislation, with Arizona being close to passing a law.

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