- Michigan lawmakers introduced four bills focused on cryptocurrency and related activities.
- One bill would let Michigan’s state treasurer invest state retirement funds in large-market-cap cryptocurrencies via exchange-traded products.
- Another bill would block Michigan from banning crypto, requiring licenses for holders, or supporting a U.S. central bank digital currency (CBDC).
- Proposed legislation aims to start a Bitcoin mining program at unused oil and gas sites in Michigan.
- A fourth bill would add income from the planned mining program to Michigan’s tax code.
Lawmakers in Michigan have put forward four legislative bills relating to cryptocurrency investment, use, and mining activities within the state. The bills, introduced on May 21 in the Michigan House, cover crypto in retirement funds, restrictions on central bank digital currency (CBDC) support, crypto mining at abandoned sites, and related taxation.
Representative Bill Schuette introduced House Bill 4510 that seeks to amend Michigan’s Public Employee Retirement System Investment Act. If enacted, the state treasurer could invest public retirement funds in cryptocurrencies with a market cap averaging over $250 million during the past year. According to the proposal, any cryptocurrency holdings must be in the form of an exchange-traded product (ETP) managed by a registered investment company. At present, only Bitcoin (BTC) and Ether (ETH) meet the market cap requirement.
An earlier bill in February similarly proposed letting the treasurer invest up to 10 percent of Michigan’s Budget Stabilization Fund in cryptocurrencies. On the same day, Representative Bryan Posthumus led a bipartisan effort on House Bill 4511. This measure would prevent Michigan from placing bans or licensing requirements on digital asset holders. It would also block state officials from supporting or advocating for a federal CBDC, defining support as significant official statements or memos backing a CBDC’s testing or adoption.
A bipartisan group led by Representative Mike McFall introduced House Bill 4512 to set up a Bitcoin mining program at abandoned oil and gas sites across the state. The bill calls for a supervisor to determine production potential and verify site abandonment details. Those interested in joining the initiative would need to demonstrate legal status and business capability for running a mining entity, as well as provide break-even financial estimates.
House Bill 4513, also led by McFall’s group, would add income earned from the potential Bitcoin mining program to Michigan’s state tax laws. This set of proposals will be debated in the legislative process over the coming months.
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