Michigan Introduces Cryptocurrency Reserve Bill, Proposing State Government to Invest in Crypto Assets Up to 10%

BlockBeats News, February 14th, according to Cointelegraph, Michigan State Representatives Bryan Posthumus and Ron Robinson submitted House Bill 4087 on February 13th to amend the state's Management and Budget Act to establish a Bitcoin Strategic Reserve.

This bill allows the state's Treasury Department to invest in cryptocurrency from the General Fund and the Economic Stability Fund, with a cap of 10%, and to hold crypto assets through a secure custody solution or ETF products of registered investment companies. The bill also allows the state government to earn additional revenue through cryptocurrency lending. Currently, 20 states across the U.S. have proposed similar bills.