Michigan Lawmakers Propose Four Crypto Bills: Details

Michigan legislators have introduced a comprehensive package of four crypto-focused bills, signaling the state’s growing interest in embracing digital assets across various sectors, from public pensions to energy repurposing. The proposals, put forward on May 21 by both Republican and Democratic lawmakers, cover cryptocurrency investment guidelines, mining operations, central bank digital currency (CBDC) opposition, and taxation rules. Michigan State Retirement Funds May Soon Include Crypto House Bill 4510 , introduced by Republican Representative Bill Schuette, aims to revise Michigan Public Employee Retirement System Investment Act. If passed, the amendment would allow the state treasurer, currently Rachael Eubanks, to invest retirement funds into cryptocurrencies , provided the assets maintain an average market capitalization above $250 million over the preceding year. As of now, only Bitcoin and Ether meet that threshold. Importantly, the bill specifies that investments must be made through exchange-traded products (ETPs) issued by registered investment companies. This move aligns with previous efforts; a similar proposal in February suggested allowing up to 10% of Michigan’s Budget Stabilization Fund to be invested in cryptocurrencies. Lawmakers appear to be testing the waters while maintaining risk control through clearly defined criteria. Opposition to CBDCs and New Mining Opportunities House Bill 4511 , introduced by Republican Representative Bryan Posthumus, takes a more defensive stance. It proposes that Michigan prohibit any licensing requirements on crypto holders and blocks the state from supporting a federally issued central bank digital currency. The bill defines “support” as any official endorsement or participation in federal CBDC trials, signaling strong skepticism toward government-controlled digital assets. Meanwhile, HB 4512 , backed by a bipartisan group led by Democrat Mike McFall, outlines the creation of a Bitcoin mining program specifically designed for abandoned oil and gas sites. The program would allow operators to establish mining facilities at these locations, subject to regulatory review. Interested applicants must submit documentation proving operational capability and outline their expected breakeven costs, ensuring the ventures are both legal and economically viable. The final bill in the package, HB 4513 , would ensure that income earned from the proposed mining operations is taxed under Michigan’s existing income tax framework. It provides clarity on how earnings from the initiative will be treated, closing potential loopholes before the program even launches. The post Michigan Lawmakers Propose Four Crypto Bills: Details appeared first on TheCoinrise.com .

Source: The Coin Rise