Statement of economic interest requirement to include disclosures relating to stock and virtual currency

A bill for an act

relating to campaign finance; requiring the statement of economic interest to include

disclosures relating to stock and digital asset; amending Minnesota Statutes 2024,

sections 10A.01, by adding a subdivision; 10A.09, subdivision 5.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 10A.01, is amended by adding a subdivision

to read:

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Subd. 12b.

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Digital asset.

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"Digital asset" means digital-only assets that confer economic,

proprietary, or access rights, including but not limited to virtual currency and natively

electronic assets, including stablecoins and nonfungible tokens.

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EFFECTIVE DATE.

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This section is effective January 1, 2027.

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Sec. 2.

Minnesota Statutes 2024, section 10A.09, subdivision 5, is amended to read:

Subd. 5.

Form; general requirements.

(a) A statement of economic interest required

by this section must be on a form prescribed by the board. Except as provided in subdivision

5b, the individual filing must provide the following information:

(1) the individual's name, address, occupation, and principal place of business;

(2) a listing of the name of each associated business and the nature of that association;

(3) a listing of all real property within the state, excluding homestead property, in which

the individual or the individual's spouse holds: (i) a fee simple interest, a mortgage, a contract

for deed as buyer or seller, or an option to buy, whether direct or indirect, if the interest is

valued in excess of $2,500; or (ii) an option to buy, if the property has a fair market value

of more than $50,000;

(4) a listing of all real property within the state in which a partnership of which the

individual or the individual's spouse is a member holds: (i) a fee simple interest, a mortgage,

a contract for deed as buyer or seller, or an option to buy, whether direct or indirect, if the

individual's share of the partnership interest is valued in excess of $2,500; or (ii) an option

to buy, if the property has a fair market value of more than $50,000. A listing under this

clause or clause (3) must indicate the street address and the municipality or the section,

township, range and approximate acreage, whichever applies, and the county in which the

property is located;

(5) a listing of any investments, ownership, or interests in property connected with

pari-mutuel horse racing in the United States and Canada, including a racehorse, in which

the individual directly or indirectly holds a partial or full interest or an immediate family

member holds a partial or full interest;

(6) a listing of the principal business or professional activity category of each business

from which the individual or the individual's spouse receives more than $250 in any month

during the reporting period as an employee, if the individual or the individual's spouse has

an ownership interest of 25 percent or more in the business;

(7) a listing of each principal business or professional activity category from which the

individual or the individual's spouse received compensation of more than $2,500 in the past

12 months as an independent contractor;

(8) a listing of the full name of each security with a value of more than $10,000 owned

in part or in full by the individual or the individual's spouse, at any time during the reporting

period;
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and
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(9) for each stock or stock option reported under clause (8), a listing of the date or dates

and value as provided in paragraph (h) of each purchase or sale of stock or exercise, sale,

or transaction involving the stock option in that entity during the reporting period, regardless

of the value of the transaction;

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(10) a listing of the full name of each digital asset with a value of more than $10,000

owned in part or in full by the individual or the individual's spouse at any time during the

reporting period;

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(11) for each digital asset reported under clause (10), a listing of the date or dates and

value as provided in paragraph (h) of each purchase or sale of that digital asset during the

reporting period, regardless of the value of the purchase or sale; and

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(9)
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(12)
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a listing of any contract, professional license, lease, or franchise that:

(i) is held by the individual or the individual's spouse or any business in which the

individual has an ownership interest of 25 percent or more; and

(ii) is entered into with, or issued by, the government agency on which the individual

serves as a public or local official.

(b) The business or professional categories for purposes of paragraph (a), clauses (6)

and (7), must be the general topic headings used by the federal Internal Revenue Service

for purposes of reporting self-employment income on Schedule C. This paragraph does not

require an individual to report any specific code number from that schedule. Any additional

principal business or professional activity category may only be adopted if the category is

enacted by law.

(c) For the purpose of calculating the amount of compensation received from any single

source in a single month, the amount shall include the total amount received from the source

during the month, whether or not the amount covers compensation for more than one month.

(d) For the purpose of determining the value of an individual's interest in real property,

the value of the property is the market value shown on the property tax statement.

(e) For the purpose of this section, "date of appointment" means the effective date of

appointment to a position.

(f) For the purpose of this section, "accepting employment as a public official" means

the effective date of the appointment to the position, as stated in the appointing authority's

notice to the board.

(g) The listings required in paragraph (a), clauses (3) to
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(9)
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(12)
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, must not identify

whether the individual or the individual's spouse is associated with or owns the listed item.

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(h) For the purposes of paragraph (a), clauses (9) and (11), the statement must allow the

filer to select one of the following ranges for each reported purchase, sale, exercise, or

transaction:

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(1) $1 to $10,000;

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(2) $10,001 to $50,000;

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(3) $50,001 to $100,000;

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(4) $100,001 to $250,000;

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(5) $250,001 to $500,000;

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(6) $500,001 to $1,000,000;

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(7) $1,000,001 to $5,000,000;

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(8) $5,000,001 to $25,000,000;

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(9) $25,000,001 to $50,000,000; and

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(10) over $50,000,000.

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EFFECTIVE DATE.

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This section is effective January 1, 2027.

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