Alabama committee debates allowing treasurer to buy crypto, advances virtual-currency tax exemption

The House Ways and Means General Fund Committee on Oct. 26 considered three bills by Representative Shaw that would change how the state treats cryptocurrencies and blockchain technology. The committee carried over bills that would authorize the state treasurer to acquire certain crypto assets and that would require additional study of putting public records on a blockchain, and it advanced a separate bill exempting virtual currency from ad valorem tax.

The measures matter because they would change how the state manages investments, tax treatment of digital assets and how public records might be published. Representative Shaw described HB 482 as a “strategic reserve” measure to give the treasurer authority to purchase cryptocurrencies or funds that hold them. He said the bill would permit the…