PRIA Logo™
MinnesotaHF 370994th Legislature, 2025-2026HouseWALLET

Virtual-currency custody services allowed to be offered and performed.

Sponsored By: Bernie Perryman (Republican)

Became Law

Commerce Finance and PolicyRules and Administration for comparison with SF3794

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Banks and credit unions can hold cryptocurrency

Beginning August 1, 2026, Minnesota banks can hold or manage virtual currency and its private access keys for customers. Credit unions can offer the same services to their members. These rules apply to services started on or after that date. Institutions can serve as trustees or provide other custody services, within their existing legal powers. They must give Minnesota’s commerce commissioner at least 60 days’ written notice describing their services and risk-management plans. They must operate safely and maintain written policies for risk management, internal controls, cybersecurity, business continuity, and legal compliance. Customer currency and access controls must stay legally and operationally separate from the institution’s assets, not become its property. Institutions can use qualified outside providers but remain responsible for oversight and compliance. The commissioner can examine services and limit or set conditions on fiduciary custody authority when activities are unsafe or unsound. Other state and federal laws still apply, and the law does not change virtual currency’s legal status.

Sponsors & Cosponsors

Sponsor

  • Bernie Perryman

    Republican • House

Cosponsors

  • Keith Allen

    Republican • House

  • Steve Elkins

    Democratic • House

  • Seeberger

    Affiliation unavailable

Roll Call Votes

All Roll Calls

Yes: 300 • No: 26

House vote • 5/11/2026

Passage, as amended by the Senate

Yes: 119 • No: 6

Senate vote • 5/6/2026

Third Reading

Yes: 51 • No: 16

House vote • 4/30/2026

Passage

Yes: 130 • No: 4

Actions Timeline

  1. Secretary of State Chapter 93

    5/15/2026Senate

  2. Secretary of State, Filed

    5/15/2026House

  3. Governor's action Approval

    5/14/2026Senate

  4. Presentment date

    5/12/2026Senate

  5. Bill was repassed as amended by the Senate vote: 119-6

    5/11/2026House

  6. Third reading as amended by the Senate

    5/11/2026House

  7. Motion prevailed

    5/11/2026House

  8. Motion to concur with Senate amendments

    5/11/2026House

  9. Returned from Senate with amendment

    5/11/2026House

  10. House rule 1.15 (c), message requesting concurrence received

    5/7/2026House

  11. Third reading Passed as amended vote: 51-16

    5/6/2026Senate

  12. Special Order: Amendeda

    5/6/2026Senate

  13. Second reading

    5/5/2026Senate

  14. Comm report: Subst. for SF on General Orders SF3794

    5/5/2026Senate

  15. Referred to Rules and Administration for comparison with SF3794, now on General Orders

    5/4/2026Senate

  16. Introduction and first reading

    5/4/2026Senate

  17. Received from House

    5/4/2026Senate

  18. Bill was passed vote: 130-4

    4/30/2026House

  19. Third reading

    4/30/2026House

  20. House rule 1.21, placed on Calendar for the Day

    4/28/2026House

  21. Author added Allen

    3/5/2026House

  22. Second reading

    3/5/2026House

  23. Committee report, to adopt

    3/5/2026House

  24. Introduction and first reading, referred to Commerce Finance and Policy

    2/25/2026House

Bill Text

Related Bills

Back to State Legislation