HB 4087
State finance: other; strategic bitcoin reserve; establish. Amends sec. 351 of 1984 PA 431 (MCL 18.1351) by adding sec. 351a.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill would allow the Michigan State Treasurer to invest a portion of state funds, including the countercyclical budget and economic stabilization fund, in cryptocurrency. The treasurer would be limited to investing no more than 10% of available funds in crypto and must hold the cryptocurrency securely through approved methods. Any cryptocurrency taxes or fees received would be transferred to the general fund. The bill defines key terms related to cryptocurrency and establishes requirements for secure custody.
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