Minnesota Blockchain Legislation Status

In May 2018, the Minnesota Commerce Department announced that it would be participating in a crackdown on fraudulent initial coin offerings and cryptocurrency scams which is coordinated by the North American Securities Administrators Association (NASAA), which represents state and local securities regulators.

HF 1030 amends law and appropriating money to include cryptocurrency in the definition of money for courts, Guardian Ad Litem Board, Uniform Laws Commission, Board on Judicial Standards, Board of Public Defense, and human rights; modifies criminal, civil, data practices, and forfeiture law.

HF 1078 also amends and modifies the following to include cryptocurrency in the definition of money; Law related to public safety, law enforcement, adult and juvenile corrections, community supervision, rehabilitation, criminal sexual conduct, crime, sentencing, community safety, crime victims, child protection background checks, emergency response, fire safety, civil law, data practices, human rights, and forfeiture law; provides for task forces and working groups; provides for rulemaking; provides for criminal penalties; requires reports.

In March of 2019, the Minnesota legislature introduced H.F. 2208, which builds “virtual currency” into the definitions of the state’s “unclaimed property” laws. While the most recent version of the bill no longer includes this provision, another House File includes virtual currency in the definition of property. H.F. 2538, 91st Leg., 1st Reg. Sess. (Minn. 2019).