Michigan pushes ahead with strategic crypto reserve bill
—
Michigan has taken the next step for its strategic crypto reserve bill, which moved to a second reading on Thursday.
The Michigan House Bill 4087, which would allow the state to invest in crypto assets under specific conditions, has moved to a second reading and was referred to the Committee on Government Operations.
The legislation amends the Michigan Management and Budget Act to establish guidelines for a strategic crypto reserve, though it does not mention Bitcoin
BTC Bitcoin
Market Cap $2.31T
Volume (24h) $32.47B
View More
specifically.
Itcomesamidarecentlullindevelopmentsaroundstate-levelBitcoinreserves.
ThebillwasintroducedbyRepublicanRepresentativesBryanPosthumusandRonRobinsoninFebruaryandwouldpermitthestatetreasurertoinvestupto10%offundsfromMichigan’s“countercyclicalbudget”and“economicstabilizationfund”incryptocurrency.
Thebillstipulatesthatthestatemustholdthecryptoassetsthroughoneofthreeapprovedmethods:a“securecustodysolution,”aqualifiedcustodiansuchasabank,trustcompany,orstate-re
