The Minnesota Bitcoin Act, SF 2661, was a Minnesota Senate bill from the 94th Legislature\u2019s 2025\u20132026 session. The measure proposed to let Minnesota accept cryptocurrency for certain state and tax payments, authorize the State Board of Investment to hold Bitcoin and other cryptocurrency, and modify state tax treatment for cryptocurrency income and gains. As of June 11, 2026, the bill had not been enacted. The Senate record shows introduction and first reading on March 17, 2025, referral to the State and Local Government Committee, and a final recorded Senate action on March 24, 2025, when Sen. Calvin K. Bahr was added as an author. The Legislature\u2019s official FAQ states that the Legislature is adjourned sine die and that the last regular-session day in 2026 was May 18, 2026. This profile therefore maps the bill to an expired legislative status for editorial tracking.<\/p>\n
SF 2661 was framed as a finance bill. The introduced text cited the proposal as the \u201cMinnesota Bitcoin Act\u201d and described the act as authorizing Bitcoin payments and investments. Its central investment provision would have amended Minnesota Statutes section 11A.24 to add \u201cBitcoin and other cryptocurrencies\u201d to the State Board of Investment\u2019s list of other authorized investments. The bill defined cryptocurrency by reference to virtual currency that uses cryptography to secure transactions digitally recorded on a distributed ledger, such as a blockchain.<\/p>\n
The payment provisions would have amended Minnesota\u2019s electronic payments statute so state agencies could accept Bitcoin and other cryptocurrency for government services transactions. The Commissioner of Management and Budget would have contracted with one or more entities to enable agencies to accept and process electronic financial transactions, exchange cryptocurrency into U.S. currency, and accept cryptocurrency. Agencies accepting cryptocurrency could impose a convenience fee, aligned with processing costs, under the amended payment framework.<\/p>\n
The proposal also addressed property-tax and income-tax treatment. It would have added cryptocurrency as a permissible payment form for certain property-tax receipts and delinquent property-tax payments. For tax administration, it would have treated cryptocurrency as included within \u201celectronic means\u201d where that term applies to tax payments governed by Minnesota chapter 289A.<\/p>\n
Several income-tax provisions would have applied for taxable years beginning after December 31, 2025. The bill would have created subtractions for amounts of federal adjusted gross income received in cryptocurrency and would have excluded net gains attributable to cryptocurrency from Minnesota\u2019s net investment income tax calculation. It also would have coordinated those subtractions with alternative minimum taxable income provisions.<\/p>\n
SF 2661 reached beyond state treasury and tax mechanics. It would have added Bitcoin and other cryptocurrency to the list of investment products available through certain individual retirement account arrangements administered through Minnesota\u2019s supplemental investment framework. It also would have amended provisions governing covered pension plans with expanded investment authority to include Bitcoin and other cryptocurrency among \u201cother obligations\u201d that such plans could purchase, sell, lend, or exchange, subject to the broader statutory investment structure.<\/p>\n
The official Senate record lists SF 2661 with Revisor number 25-04785, the description \u201cMinnesota Bitcoin Act,\u201d and two Senate authors: Sen. Jeremy R. Miller and Sen. Calvin K. Bahr. It also identifies HF 2946 as the House companion. The House companion record describes the same proposal and shows introduction and referral to State Government Finance and Policy on April 1, 2025, followed by author-change actions, including removal of Rep. Dan Wolgamott as an author on February 26, 2026.<\/p>\n
No enacted session law or governor action is reflected in the cited official bill records. Because the official session page shows sine die adjournment after the 2026 regular-session deadline, CryptoSlate\u2019s profile treats SF 2661 as an expired state bill rather than an operative law. The proposed effective dates in the bill text are therefore historical drafting dates, not current legal effective dates.<\/p>\n","protected":false},"excerpt":{"rendered":"
Minnesota SF 2661 would have allowed state cryptocurrency payments, State Board of Investment crypto holdings, and state tax changes. It expired after 2026 sine die adjournment.<\/p>\n","protected":false},"author":1652,"featured_media":541294,"template":"","meta":[],"crypto_law_jurisdiction":[81470],"crypto_law_topic":[81868,81610,81872],"crypto_law_status":[81540],"crypto_law_type":[81545],"crypto_law_actor":[82443,82437,82440,82441,82442],"crypto_law_asset_class":[81570,81660],"acf":[],"yoast_head":"\n