The Minnesota Bitcoin Act, SF 2661, was a Minnesota Senate bill from the 94th Legislature’s 2025–2026 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’s 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.
What SF 2661 would have changed
SF 2661 was framed as a finance bill. The introduced text cited the proposal as the “Minnesota Bitcoin Act” and described the act as authorizing Bitcoin payments and investments. Its central investment provision would have amended Minnesota Statutes section 11A.24 to add “Bitcoin and other cryptocurrencies” to the State Board of Investment’s 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.
The payment provisions would have amended Minnesota’s 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.
Tax and public-finance provisions
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 “electronic means” where that term applies to tax payments governed by Minnesota chapter 289A.
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’s net investment income tax calculation. It also would have coordinated those subtractions with alternative minimum taxable income provisions.
Retirement and pension investment provisions
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’s supplemental investment framework. It also would have amended provisions governing covered pension plans with expanded investment authority to include Bitcoin and other cryptocurrency among “other obligations” that such plans could purchase, sell, lend, or exchange, subject to the broader statutory investment structure.
Status, companion bill, and editorial classification
The official Senate record lists SF 2661 with Revisor number 25-04785, the description “Minnesota Bitcoin Act,” 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.
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’s 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.