tl;dr
Four new crypto-related bills were introduced in the Michigan House. HB 4510, by Rep. Bill Schuette, would allow the state treasurer to invest retirement funds in cryptocurrencies with a market cap above $250 billion, effectively limiting it to Bitcoin through exchange-traded products. HB 4511, by R...
Michigan’s House introduced four crypto bills to shape the state’s digital asset landscape.
HB 4510 permits the state treasurer to invest retirement funds in large-cap cryptocurrencies, specifically Bitcoin, through exchange-traded funds (ETFs). This targets assets with a market cap above $250 billion, ensuring regulatory oversight by limiting investments to registered firms.
HB 4511 bans state agencies from supporting or advocating for a U.S. central bank digital currency (CBDC). It also prohibits any state licensing, taxation, or restriction on digital asset holdings, signaling resistance to federal CBDC initiatives.
HB 4512 establishes a Bitcoin mining program utilizing residual fuel sources from abandoned oil and gas wells. This innovative approach blends environmental remediation with crypto mining, offering a new use for otherwise idle resources.
HB 4513 introduces tax deductions for income earned through environmentally focused Bitcoin mining efforts, incentivizing sustainable crypto activities.
These legislative efforts echo trends in other states like Texas and New Hampshire. Texas recently passed a bill to create a state-managed Bitcoin reserve, enabling investment in digital assets with a market cap over $500 billion, currently limited to Bitcoin. New Hampshire became the first state to allow public funds investment in both cryptocurrencies and precious metals.
Michigan’s bills reflect a growing movement among U.S. states to engage actively with digital assets, balancing innovation, environmental concerns, and regulatory caution.