Crypto Law Profile
Minnesota bill that proposed state crypto payments, State Board of Investment and pension crypto investment authority, and tax changes. Expired after the 2026 session without enactment.
The Minnesota Bitcoin Act, HF 2946, was a Minnesota House bill from the 2025-2026 regular session that proposed changes to state finance, payments, public investments, retirement-plan investment options, and tax treatment involving Bitcoin and other cryptocurrency. The bill was introduced as a House File by Rep. Bernie Perryman and had a Senate companion, SF 2661. For this profile, the measure is treated as expired because the 2026 regular session concluded on May 18, 2026, and the official House status page does not show passage or enactment.
The introduced text would have cited the act as the “Minnesota Bitcoin Act” and defined “cryptocurrency” by reference to virtual currency that uses cryptography to secure transactions recorded on a distributed ledger, such as a blockchain. The proposal was broader than Bitcoin alone because several operative clauses referred to “Bitcoin and other cryptocurrencies.”
HF 2946 would have amended Minnesota’s electronic payments statute to let state agencies accept Bitcoin and other cryptocurrency for government services transactions. It also would have directed the commissioner of management and budget to contract with one or more entities to process electronic financial transactions, accept cryptocurrency, and exchange cryptocurrency into United States currency when needed.
The payments provisions extended beyond general agency transactions. The bill would have added cryptocurrency to certain property-tax receipt and delinquent-property-tax payment provisions and would have treated cryptocurrency as included within electronic means for tax payments governed by Minnesota tax administration statutes. Agencies accepting cryptocurrency could impose a convenience fee tied to processing costs, while account numbers for cryptocurrency and other electronic transfers would be treated as nonpublic or private data.
The bill would have added Bitcoin and other cryptocurrencies to the list of “other investments” available to the Minnesota State Board of Investment. It also proposed to add Bitcoin and other cryptocurrency to investment-product options for an individual retirement account plan and to the “other obligations” available to certain expanded-list pension plans.
HF 2946 proposed several tax-related amendments. These included state income-tax subtractions for amounts of federal adjusted gross income received in cryptocurrency, an exclusion for net gains attributable to cryptocurrency in the net investment income tax definition, and adjustments to alternative minimum taxable income rules. These provisions should be read as proposed tax language only, not as current Minnesota tax law.
The House bill was introduced and referred to the House State Government Finance and Policy Committee on April 1, 2025. A coauthor was added on April 24, 2025, and later stricken on February 26, 2026. The Senate companion, SF 2661, was introduced on March 17, 2025, and referred to the Senate State and Local Government Committee, with Sen. Bahr added as an author on March 24, 2025.
As of June 11, 2026, no official enactment record was located for HF 2946. Minnesota legislative guidance states that bills remain technically alive over a biennium until final adjournment in the second year; the 2026 regular session concluded on May 18, 2026. This profile therefore maps the measure to an expired bill status rather than an active committee status.
The bill was state-level legislation for Minnesota and would have operated through amendments to existing Minnesota statutes rather than a standalone digital-asset code. It did not propose a consumer licensing regime for crypto businesses, a market-structure framework, or a mining rule. Its core policy areas were government crypto payments, public-sector investment authority, retirement-plan investment options, and state tax computation. Because the measure was not enacted, the profile should be used as a historical legislative reference and not as a statement of operative Minnesota law.
Would cite the measure as the Minnesota Bitcoin Act and define cryptocurrency by reference to virtual currency secured by cryptography and distributed-ledger records.
Would allow agencies to accept Bitcoin and other cryptocurrency for government services transactions and use state-negotiated processing and conversion contracts.
Would add Bitcoin and other cryptocurrencies to investments available to the Minnesota State Board of Investment.
Would add Bitcoin and other cryptocurrency to certain individual retirement account plan options and expanded-list pension plan obligations.
Would modify state tax calculations involving cryptocurrency income, net investment income, and alternative minimum taxable income.
Would allow convenience fees for crypto payment processing and treat cryptocurrency account numbers as nonpublic or private data.
SF 2661 introduced and referred to Senate State and Local Government.
HF 2946 introduced and referred to House State Government Finance and Policy.
Wolgamott added as House author.
Wolgamott stricken as House author; no passage action shown on HF 2946 page.
Regular session ended; no enactment located for HF 2946.
Minnesota House of Representatives, Minnesota Legislature, Minnesota Management and Budget, Minnesota State Board of Investment
Bitcoin, Cryptocurrency
Status mapped to Expired because the 2026 regular session concluded on May 18, 2026, and no enactment was located in the official HF 2946 history. The Revisor page still lists the text as introduced.
