Michigan Lawmakers Propose Four New Crypto-Related Bills
Four new crypto-related bills were introduced in the Michigan House. House Bill 4510 allows the state treasurer to invest retirement funds in cryptocurrencies with a market cap of at least $250 billion, primarily targeting Bitcoin. Investments must be through exchange-traded products issued by registered firms for regulatory oversight. House Bill 4511 proposes a ban on state-level licensing, taxation, or restrictions on digital asset holdings and prohibits state agencies from supporting U.S. central bank digital currencies (CBDCs). Companion bills HB 4512 and HB 4513 focus on Bitcoin mining, allowing firms to plug abandoned oil or gas wells in exchange for mining rights and offering tax deductions for revenue from such activities. Michigan's legislative actions align with broader trends in other states, including Texas and New Hampshire, which are advancing their own crypto initiatives.
