Key Takeaways
- Winsonsin’s Investment Board has millions invested in U.S. spot Bitcoin ETFs.
- Colorado has accepted crypto for taxes since 2022, though hasn’t received any payments since Oct. 2024.
- Louisiana and Utah have accepted crypto payments for various government services since 2024.
A proposal to see Bitcoin and crypto adopted by the State of Minnesota has been submitted to the State’s senate as the race for digital asset adoption ramps up in the U.S.
More than a dozen states seek to open up crypto payment channels for taxes, establish their own Bitcoin reserves, and allow citizens to include crypto in their retirement funds.
Minnesota Bitcoin Act
Senator Jeremy Miller has joined a growing line of U.S. states seeking to adopt Bitcoin into its economic and financial frameworks.
The proposed “Minnesota Bitcoin Act” would grant the Minnesota state Board of Investment (SBI) rights to invest state assets into BTC and crypto.
It would also offer crypto as a payment option for state taxes and fees, following Colorado, Utah, and Louisiana, which have various crypto payment options for taxes and other state services.
In addition, it would allow state employees to include crypto in their retirement accounts. Crypto pensions and retirement funds are becoming increasingly common, especially among U.S. pension funds.
Wisconsin’s Investment Board has millions tied up in spot Bitcoin exchange-traded funds (ETFs).
The proposed act would also exempt crypto investment gains from state income taxes, which Miller believes would foster adoption and innovation for residents and businesses.
Transitionary Period
Sen. Miller notes that after learning about Bitcoin and crypto, he has transformed from “highly skeptical” to “believing in” its versatile potential.
After securing the Presidency, the Senate, and Congress, Donald Trump’s pro-crypto pledges came through executive orders that laid the groundwork for a different approach to digital assets.
Cementing this, Trump’s executive orders to establish a Bitcoin Strategic Reserve and a National Crypto Stockpile have bolstered the prospect of similar policies and initiatives being implemented at a state level.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
