Lawmakers in the US state of Minnesota and Alabama have filed included bills in the same existing bills that if passed by law, will allow every state to buy Bitcoin.
The Minnesota Bitcoin Act, or HF 2946, is introduced At the state of the state of Republican Representative Bernie Perryman on April 1, subsequently a mutual bill Introduced on March 17 by GOP State Senator Jeremy Miller.
Meanwhile, on the same day in Alabama, the Republican State Senator is Barfoot introduced Senate Bill 283, while a bi-partisan group of representatives led by Republican Mike Shaw Filed The same House Bill 482, which provides for the state to invest in crypto, but it is important to limit it to Bitcoin (Btc).
Twin Alabama bills did not clearly name Bitcoin
The Bitcoin Act of Minnesota will allow the State Investment Board to invest state property in Bitcoin and other cryptocurrencies and allow state employees to add crypto to retirement accounts.
It will also release crypto derives from state income taxes and residents will be given a choice to pay state taxes and Bitcoin fees.
Source: Bitcoin Laws
The twin Alabama Bills does not clearly recognize Bitcoin, but limit state crypto investment to property -owners with a minimum market value of $ 750 billion, a criterion that Bitcoin only meets currently.
26 Bitcoin Reserve Bills have now been introduced to the US
The introduction of similar bills is not uncommon in the US and is usually done to speed up the bicameral legislative process so that the laws may pass faster.
The bills to create a Bitcoin reserve were introduced to 26 US states, with Arizona currently closest to the passage of a law to make one, according to Data From the Bill Bill Tracking website.
Arizona is currently leading the US State Bitcoin Reserve race. Source: Bitcoin Laws
Pennsylvania is one of the first US states that Introduce a Bitcoin Reserve bill.
Related: North Carolina Bills will add crypto to state retirement system
Montana, North Dakota, Pennsylvania, South Dakota and Wyoming are the five states rejected by Bitcoin Reserve initiatives. Source: Bitcoin Laws
According to In a March 3 report of Barron’s, the “Red States” like Montana faced the outbreaks of bitcoin reserve initiatives amid political presence between the democratic party and the Republican Party.
Additional Report by Helen Partz.
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