Michigan legislators have proposed four bills related to cryptocurrencies, involving crypto mining, central bank digital currency (CBDC), and cryptocurrencies in state retirement funds.
Republican state representative Bill Schuette introduced Bill 4510 on May 21, proposing to amend Michigan's Public Employee Retirement System Investment Act to allow the state treasurer to invest in cryptocurrencies with a market value exceeding $250 million. Currently, only Bitcoin and Ethereum meet this standard. The bill requires that all cryptocurrency holdings be in the form of exchange-traded products issued by registered investment companies.
The second bill, led by Republican representative Bryan Posthumus, aims to prohibit Michigan from banning cryptocurrencies or imposing licensing requirements on holders, while also preventing state officials from supporting the federal government's CBDC proposal.
Michigan considers two cryptocurrency mining bills.
The third bill, 4512, led by Democratic representative Mike McFall, will establish a Bitcoin mining program allowing mining operations to be set up on abandoned oil and gas sites. The program will appoint supervisors to assess the site’s potential oil and gas production and its historical operational status.
Participants are required to submit legal documents proving their operational capability as a Bitcoin mining entity and provide balance price estimates necessary for profitability.
The fourth bill, 4513, also led by McFall, plans to amend the state income tax law to include proposed Bitcoin mining income within the taxable scope.
