Source: Cointelegraph Original: "{title}"
Lawmakers in Minnesota and Alabama have submitted companion bills identical to existing legislation that would allow states to purchase Bitcoin.
The Minnesota Bitcoin Bill (HF 2946) was introduced on April 1 by Republican Representative Bernie Perryman in the state House, following a similar bill submitted by Republican State Senator Jeremy Miller on March 17.
On the same day, in Alabama, Republican Senator Will Barfoot introduced Senate Bill 283, while a bipartisan group of House members led by Republican Mike Shaw submitted the identical House Bill 482, which allows the state to invest in cryptocurrency but is essentially limited to Bitcoin (BTC).
The Minnesota Bitcoin Bill would allow the state investment board to invest state assets in Bitcoin and other cryptocurrencies, and it would permit state employees to add cryptocurrency to their retirement accounts.
The bill would also exempt cryptocurrency gains from state income tax and provide residents with the option to pay state taxes and fees using Bitcoin.
Source: Bitcoin Bill
Although Alabama's two bills do not explicitly mention Bitcoin, they would restrict the state's cryptocurrency investments to assets with a minimum market capitalization of at least $750 billion—currently, only Bitcoin meets this standard.
It is not uncommon for identical bills to be introduced in multiple states in the U.S., often to expedite the legislative process and facilitate quicker passage of the laws.
According to data from the bill tracking site Bitcoin Laws, 26 U.S. states have proposed legislation to create Bitcoin reserves, with Arizona currently the closest to passing related laws.
Arizona is currently leading the Bitcoin reserve race among U.S. states. Source: Bitcoin Laws
Pennsylvania is one of the first U.S. states to propose a Bitcoin reserve bill ahead of November 2024. However, reports indicate that the proposal was ultimately rejected, and similar bills in Montana, North Dakota, South Dakota, and Wyoming were also defeated.
Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming are the five states that rejected Bitcoin reserve proposals. Source: Bitcoin Laws
According to a report by Barron's on March 3, "red states" like Montana may face setbacks on Bitcoin reserve proposals due to political opposition between Democrats and Republicans.
Related: U.S. House Committee Passes Stablecoin Regulation Bill—STABLE Act
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