Michigan lawmakers file 4 crypto bills on retiree funds, CBDCs, mining
Michigan lawmakers have introduced four bills related to cryptocurrency. House Bill 4510, introduced by Representative Bill Schuette, amends the Public Employee Retirement System Investment Act to allow the state treasurer to invest in cryptocurrencies with a market cap over $250 million, currently limited to Bitcoin and Ether, and mandates that these investments be in exchange-traded products. A similar bill permits the state treasurer to allocate up to 10% of the Budget Stabilization Fund into crypto. House Bill 4511, led by Representative Bryan Posthumus, prohibits Michigan from banning crypto or imposing licensing requirements on holders and restricts state officials from supporting federal CBDC proposals. House Bill 4512, introduced by Representative Mike McFall, establishes a Bitcoin mining program at abandoned oil and gas sites, requiring operators to submit legal documents and breakeven estimates. House Bill 4513 amends income tax laws to include income from the Bitcoin mining program.
