Senator Jeremy Miller of Minnesota has introduced a state Bitcoin Act that aims to foster “prosperity” for state residents.
He unveiled the plan on Tuesday, which according to him would position Minnesota as a “national trailblazer in crypto.”
“My goal with this legislation is to promote prosperity for people across the state by putting Minnesota in a strategic position to take advantage of being on the forefront of this digital revolution,” he said in a statement.
Miller noted that he was initially skeptical about digital assets, however, he has transitioned to a supportive position after proper research.
“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,” he added.
Minnesota’s Pivot Towards Crypto: A Significant Legislative Step
Minnesota’s proposed Bitcoin bill includes several innovative provisions, aiming to integrate the largest crypto into everyday financial transactions.
If passed, the bill would foster the state’s investments with Bitcoin and other crypto options, alongside traditional investments, said Miller.
He further said that the Bitcoin Act would expand retirement options.
“State employees would be able to include Bitcoin and other cryptocurrencies in their retirement accounts, giving them another way to build wealth for the future.”
Additionally, Minnesotans will have the option to pay state taxes and fees using Bitcoin for greater convenience, boosting innovation in the emerging financial space.
US States and Bitcoin Measures
Several US states have been keen on bringing Bitcoin into the state’s reserve. Texas, for instance, is considering digital assets to diversify traditional fiscal reserves.
The state’s lawmakers have refiled a Bitcoin reserve bill broadening its scope to include other cryptos that meet specific criteria.
Early this month, a New Hampshire House Committee passed a bill that could pave the way for a state bitcoin reserve. The legislation saw a 16-1 vote on March 5, setting it up for a full House floor vote.
Other states, such as Utah and Colorado have included crypto for tax payments and state services. Meanwhile, the federal government is considering several crypto proposals, including the strategic Bitcoin Reserve bill, recently signed by President Trump.
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