HB 4510
Retirement: other; investment in cryptocurrency by certain retirement funds; allow. Amends 1965 PA 314 (MCL 38.1132 - 38.1141) by adding sec. 19c.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill would allow Michigan’s public employee retirement funds, overseen by the state treasurer, to invest a portion of their assets in cryptocurrency. Specifically, it permits investments in cryptocurrencies with a market capitalization of at least $250 billion over the past year, provided the assets are held through exchange-traded products from registered investment companies. The bill clarifies the definition of ‘cryptocurrency’ for legal purposes. This change aims to provide diversification opportunities for the state’s retirement funds.
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Primary sponsor
Cosponsors
Joseph Aragona
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