Cointime

Cointime

Download App
iOS & Android

Minnesota Senator Proposes Bitcoin Act

Minnesota is in the news with a new proposal that could bring bitcoin into state investments, tax payments, and even retirement plans.

State Senator Jeremy Miller introduced the “Minnesota Bitcoin Act,” a bill that would allow the state to invest in bitcoin just like traditional assets.

Senator Miller’s journey with Bitcoin has been a wild one. He was skeptical at first but after research and constituent engagement, he changed his mind. He stated:

“As I do more research on cryptocurrency and hear from more and more constituents, I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies.”

Although Senator Millers’ mention of “other cryptocurrencies” in his statement has Bitcoiners worried to some extent. Bitcoin advocates believe Bitcoin possesses features that no other “cryptocurrency” has, and they should not be viewed as the same.

He wants to “promote prosperity” for Minnesota by not being left behind in the digital finance space. The Minnesota Bitcoin Act (SF2661) aims to modernize finance and expand investment opportunities. If passed, the bill would:

  • Allow the Minnesota State Board of Investment to invest in bitcoin and other digital assets along with traditional assets like stocks and bonds.
  • Give Minnesota state employees the option to include bitcoin in their retirement plans.
  • Allow residents to pay state taxes and fees in bitcoin.
  • Exempt tax on bitcoin investment gains reducing the burden on bitcoin investors.

This bill puts Minnesota in the company of a growing number of states looking to integrate bitcoin into their economies.

Minnesota is not the only state looking at Bitcoin-friendly policies. Several states including Texas, New Hampshire, Colorado, and Utah have taken steps to integrate bitcoin into their economies.

Colorado and Utah already accept bitcoin for tax payments, Louisiana allows bitcoin transactions for state services, and Texas is considering creating a bitcoin reserve while New Hampshire lawmakers are debating a similar measure.

On the federal level, Senator Cynthia Lummis has been pushing for a national bitcoin reserve. Her Strategic Bitcoin Reserve Act proposes the U.S. government buy 200,000 bitcoin a year for 5 years, totaling 1 million bitcoin.

She recently re-introduced the BITCOIN Act which would allow the government to hold even more bitcoin.

Bitcoin has been one of the best-performing assets of the last decade. According to financial data, bitcoin has had a compound annual growth rate of 102.36% since 2011 compared to the S&P 500’s 14.83%.

Backers of the Minnesota Bitcoin Act say investing in bitcoin will diversify the state’s portfolio and create an inflation hedge.

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

But opponents warn of bitcoin’s volatility and regulatory risks. The bitcoin market is known for wild price swings and government policies on digital assets are still evolving. Some lawmakers are concerned it will be a financial risk.

The Minnesota Bitcoin Act Bill has been introduced in the state Senate and will go to the State and Local Government Committee. If it passes, it will go into effect in late 2025 or early 2026.

Comments

All Comments

Recommended for you

  • US Spot Bitcoin ETF Sees $189.3 Million Net Inflow Yesterday

    On August 19, according to monitoring data from Farside Investors, the US spot Bitcoin ETF experienced a net inflow of $189.3 million yesterday.

  • US Spot Ethereum ETF Sees $71.4 Million Net Inflow Yesterday

    On August 19, according to monitoring data from Farside Investors, the US spot Ethereum ETF experienced a net inflow of $71.4 million yesterday.

  • Binance Contracts to Launch with Yushu Technology

    On August 19, according to an official announcement, Binance contracts will be launched with Yushu Technology on August 19, 2026, at 10:45 AM.

  • Yushu Founder Wang Xingxing's Wealth Exceeds 130 Billion, Becomes New Richest Post-90s

    On August 19, Yushu Technology officially listed and began trading on the STAR Market, opening with a surge of over 500%, bringing its market value to over 350 billion yuan. According to the prospectus, Wang Xingxing, the chairman, general manager, and chief technology officer of Yushu Technology, directly holds 86.714964 million shares, accounting for 21.4395% of the company's total equity after the issuance. Before the issuance, Wang also indirectly held 9.5367% of the company's shares through the equity incentive platform Shanghai Yuyi. In total, his direct and indirect shareholding is approximately 30%, with a market value exceeding 100 billion yuan, making him the richest individual born after the 1990s. According to the 2025 list of post-90s entrepreneurs published by New Fortune magazine, Liu Jingkang, founder of Yingstone Innovation, became the new richest post-90s individual with a fortune of 20.2 billion yuan. (Source: Caixin)

  • Yushu Technology Listed on Shanghai Stock Exchange's STAR Market

    On August 19, Yushu Technology was listed on the Shanghai Stock Exchange's STAR Market. The total number of shares issued is 40.4464 million, with an IPO initial price of 150.80 yuan per share and an issuance price-to-earnings ratio of 219.23 times.

  • US Official: Trump Asks Negotiation Team to Pause Contact with Iran

    On August 19, it was reported that a U.S. official stated that Trump has requested senior government envoys to pause contact with Iran. Additionally, a source revealed that White House officials have recently communicated a shift in their strategy towards Iran to political allies—moving from a focus on 'quickly striking Iran' to a long-term strategy of 'choking Iran's throat.' U.S. officials indicated that Trump has instructed his negotiation team, which includes Vice President Pence, Special Envoy Hook, and Trump's son-in-law Kushner, to temporarily refrain from engaging with Iran. This directive came after some 'positive discussions' had previously taken place between the U.S. and Iran. There has been no response from the Iranian side regarding this matter.

  • SEC Approves Crypto Asset Regulation Proposal via Seriatim Voting

    On August 19, a Fox Business crypto reporter posted on the X platform that, according to an SEC spokesperson, the committee approved the proposal through 'seriatim' voting, meaning that commissioners voted separately outside of a public meeting. The committee had originally scheduled to review the 'Regulation Crypto Assets' in a public meeting last Friday but abruptly canceled it citing 'unforeseen scheduling issues.' According to the disclosed details, the framework will allow certain crypto asset issuances to raise funds without SEC registration, including small-scale issuances of up to $5 million over four years or an annual issuance limit of up to $75 million. The proposal will also establish a conditional safe harbor mechanism for certain crypto assets. Once the 'core management efforts' of the issuer are completed, the relevant crypto assets may no longer be subject to the same securities regulatory constraints.

  • Anthropic Expected to IPO in Weeks

    On August 19, it was reported that Anthropic expects to conduct an IPO in a few weeks. The company's revenue in the second quarter more than doubled compared to the first quarter.

  • SEC Proposes Exemption for Certain Digital Asset Offerings from Securities Registration

    On August 19, the U.S. Securities and Exchange Commission (SEC) proposed to exempt certain digital asset offerings from the requirement to submit securities registration statements, with exemption limits set at a maximum of $5 million and $75 million respectively. The proposal includes specific requirements for issuers, such as submitting financial statements and meeting ongoing disclosure obligations, while establishing safe harbor provisions to exclude the relevant assets from the definition of 'investment contracts' under securities law. This proposal comes at a time when landmark cryptocurrency legislation is stalled in Congress, with the SEC Chair emphasizing the need to develop 'forward-looking' rules that can protect the digital asset industry, while legislative action remains essential.

  • Spot Prices of Some Storage Chips Decline

    On August 18, according to 21st Century Business Herald, an unusual signal has emerged since the second quarter of this year—some spot distributors of storage chips are willing to lower prices for certain models of NAND storage chips. Third-party organizations in the flash memory market have pointed out that since July, there has been a continuous low-price sales phenomenon for multi-brand eMMC products, leading to a significant price inversion between spot and contract prices, with the spot price of 64GB eMMC already showing a downward trend. eMMC is the standard storage chip for consumer electronics such as set-top boxes, smart TVs, and entry-level smartphones. Against the backdrop of overall high prosperity in the storage industry, this price inversion in this category is particularly striking. This actually indicates that the current storage chip market is heading towards a polarized situation: some consumer markets are facing a scenario where downstream customers cannot bear the price increase of chips, especially evident in the entry-level spot market, where in recent months, distributors have been willing to exchange price for volume to obtain cash flow; meanwhile, the price increase trend in the cloud-side AI or enterprise-level storage market continues, influenced to some extent by the signing of long-term contracts.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company