Minnesota Bitcoin Reserves and Cryptocurrency Laws

Minnesota Bitcoin Reserves and Cryptocurrency Legislation

Minnesota Bitcoin Reserve Overview

No Official Reserves
Friendly Regulatory Status
Proposed Bitcoin Investments and Payments

Minnesota Bitcoin Reserves

Minnesota Legislative Breakdown

State	BTC Reserves	% of Global Holdings	Legal Status	Last Updated	Key Laws and Regulations
Minnesota (MN)	No Official Reserves	0%	Friendly	2025-05-13	Minnesota Bitcoin Act (SF 2661, 2025): Proposed allowing State Board of Investment (SBI) to invest in Bitcoin and state to accept crypto payments; not passed as of May 2025 HF 2946 (2025): Proposed defining cryptocurrency and regulating crypto businesses; effective January 1, 2026, if passed MN Stat § 53B (2024): Consumer protection law effective August 1, 2024, strengthens oversight of crypto transactions to combat fraud Money transmission laws (MN Stat § 53B): Include cryptocurrency; licenses required for crypto-fiat transactions State income tax (5.35–9.85%) and federal capital gains tax (15–20%) apply to crypto earnings ~150,000 residents (~2.5% of population) use crypto; $3B in transactions (2023–2024, est.) Approximately 25 Bitcoin ATMs, primarily in Minneapolis and St. Paul; some cities restrict or ban ATMs due to fraud (2025) No legislation establishing state-held Bitcoin reserves as of 2025

Minnesota Bitcoin Reserve Status

Current status: NO OFFICIAL RESERVES

Minnesota has not established a state Bitcoin reserve, despite the proposed Minnesota Bitcoin Act (SF 2661) in March 2025, which would have allowed the State Board of Investment (SBI) to invest in Bitcoin and permitted state payments in cryptocurrency. The bill has not passed as of May 2025. Minnesota’s regulatory environment is crypto-friendly, with consumer protection measures and recent restrictions on crypto ATMs to address fraud.

No funds have been allocated for Bitcoin reserves. Minnesota focuses on modernizing financial systems and protecting consumers rather than holding state-managed cryptocurrency reserves.

3/25/2025

PROPOSED

The Minnesota Bitcoin Act (SF 2661) was introduced by Senator Jeremy Miller, proposing to allow the State Board of Investment to invest in Bitcoin and permit state payments in cryptocurrency; the bill has not passed.

3/20/2025

PROPOSED

HF 2946 was introduced, proposing a clear definition of cryptocurrency and regulations for crypto businesses; effective January 1, 2026, if passed.

8/1/2024

SIGNED INTO LAW

A consumer protection law (MN Stat § 53B) took effect, strengthening oversight of cryptocurrency transactions to combat fraud, particularly targeting scams via crypto ATMs.

5/20/2025

LOCAL RESTRICTIONS

Cities like Stillwater began restricting or banning crypto ATMs due to a surge in fraud, with over $189M lost to scams in 2023, reflecting heightened regulatory scrutiny.

Minnesota Bitcoin Reserves and Cryptocurrency Legislation

Minnesota Bitcoin Reserve Overview