Michigan's representatives, Bryan Posthumus and Ron Robinson, introduced a legislative proposal that could see the state allocate a portion of its funds to cryptocurrencies. House Bill 4087, if passed, would authorize the state treasurer to invest up to 10% of Michigan's general and economic stabilization funds into digital assets like bitcoin.
The bill reflects a growing movement among U.S. states to integrate cryptocurrencies into their financial strategies. Posthumus stated, "Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve." This initiative is designed to diversify the state's investment portfolio and potentially enhance returns by including cryptocurrency.
In addition to direct investment, the bill includes provisions that would allow the state treasurer to loan out cryptocurrencies with the aim of generating additional revenue without heightening financial risk.
This approach demonstrates Michigan's continued interest in the cryptocurrency sector, following the establishment of a blockchain and crypto commission in 2022 to foster growth in this area.
Michigan's latest legislative effort positions it among a growing list of states, including North Carolina, Texas, Pennsylvania, Ohio, and Oklahoma, which are either proposing or actively considering legislation related to crypto reserves.
The interest in incorporating bitcoin and other cryptocurrencies into state investment strategies has been on the rise, particularly since the pro-crypto administration of Donald Trump began in January.
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