Environment
Not enough information
Not enough information to score this sector.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
StateMinnesotaIntroduced
HF 3709: Virtual-currency custody services allowed to be offered and performed.
Bernie Perryman
HF 3709 status: Introduced — Effective date 08/01/2026 (updated Aug 1, 2026).
Source
OpenStates
Confidence
Low
Analysis basis
OpenStates summary
01
What this bill does
Official summary alongside an AI-generated read on where it stands and why.
Overall Score
Not enough information
Score:Not enough information
Risk:Moderate Risk
Impact:Moderate Impact 40/100
Constitutionality50%
Bipartisan50%
Public opinion50%
Bill summary
What changes
The bill proposes to explicitly legalize virtual-currency custody services within the state, allowing companies to act as digital financial intermediaries.
Who is affected
Virtual currency holders in Minnesota and companies seeking to provide regulated digital asset custody services.
Requirements and enforcement
Not stated in the available source.
Costs and funding
Not stated in the available source.
When it takes effect
The bill has an effective date of 08/01/2026.
Potential benefits
Potential for increased convenience for crypto investors and the formalization of digital asset management within the state's financial sector.
Risks and tradeoffs
Lack of clarity regarding how custodied assets are protected in the event of provider insolvency or cyberattacks.
What is still unknown
The specific regulatory, capital, and reporting requirements for firms acting as virtual-currency custodians remain unknown.
02
Impact analysis
✦ AI analysisModeled effects across six domains, estimated from bill text and comparable legislation.
Economy
Not enough information
Not enough information to score this sector.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
Society
Not enough information
Not enough information to score this sector.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
Technology Industry
Not enough information
Not enough information to score this sector.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
Civic Accountability
Not enough information
Not enough information to score this sector.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
Public Health & Safety
Not enough information
Not enough information to score this sector.
Benefits
- No material direct effect identified.
Risks
- No material direct effect identified.
03
How trustworthy & consequential it is
Sourcing already shown above, this is what the analysis found worth flagging.
Source
OpenStates
Official bill text or data from OpenStates.
Confidence
Low
Information is limited or incomplete.
Analysis basis
OpenStates summary
Source used for this bill's analysis.
Source note
LegiScan returned a PDF-only document. PDF extraction is not enabled in this build, so the pipeline used a safer fallback.
Analysis scope
Source material is limited to a brief summary abstract.
04
Where it stands
Official record- IntroducedCurrent
- CommitteeUpcoming
- Chamber votesUpcoming
- Final agreementUpcoming
- GovernorUpcoming
- EnactedUpcoming
05
How it affects your district
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06
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