Minnesota senator proposes Crypto Act

Minnesota state Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, marking a significant shift in his stance on cryptocurrency from skepticism to advocacy.

Miller's bill aims to integrate Bitcoin (CRYPTO:BTC) and other cryptocurrencies into Minnesota's financial landscape by allowing state investments, expanding retirement options, and modernising payment methods.

The bill would enable the Minnesota State Board of Investment to invest state assets in Bitcoin alongside traditional investments like stocks and bonds.

Additionally, it would permit state employees to include cryptocurrencies in their retirement accounts, providing an alternative wealth-building strategy.

Residents would also have the option to pay state taxes and fees using Bitcoin, similar to Colorado and Utah, which already accept cryptocurrencies for tax payments.

Furthermore, investment gains from cryptocurrencies would be exempt from state income taxes, incentivising residents and businesses to explore this emerging financial space.

Senator Miller's transformation from a sceptic to a believer in Bitcoin reflects the growing interest in cryptocurrencies across the U.S.

Several other states have proposed similar legislation, with 23 states considering Bitcoin reserve bills.

"I believe global digital currencies are here to stay and it’s inevitable that they become more and more mainstream," Miller noted.

The Minnesota Bitcoin Act is part of a broader trend of states exploring cryptocurrency adoption.

As Senator Miller emphasised, his goal is to "promote prosperity" for Minnesotans by positioning Minnesota as a leader in cryptocurrency adoption.

The bill's progress will be closely watched as it moves through the legislative process, currently pending in the Senate State and Local Government Committee.

Bitcoin has shown significant growth compared to traditional assets, with a compound annual growth rate of 102.36% from August 2011 to January 2025.

At the time of reporting, the Bitcoin (BTC) price was $83,213.65.