YEREVAN (CoinChapter.com) — Michigan crypto reserve bill HB 4087 has been introduced, making the state the 20th in the US to propose Bitcoin reserve legislation. Representatives Bryan Posthumus and Ron Robinson filed the bill on Feb. 13 to amend the Management and Budget Act, allowing Michigan’s treasurer to invest in Bitcoin (BTC) and other cryptocurrencies.
Posthumus stated,
“Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve.”
Michigan Crypto Reserve Bill Push. Source: Rep. Bryan PosthumusThis follows a similar proposal by Texas Senator Charles Schwertner on Feb. 12.
Details of the Michigan Crypto Reserve Bill
The HB 4087 Michigan bill allows the state treasurer to allocate up to 10% of funds from both the general fund and economic stabilization fund into cryptocurrencies. The bill does not specify which cryptocurrencies would be eligible for the Michigan Bitcoin reserve.
Michigan House Bill 4087 Unveiled. Source: Michigan LegislatureA key provision allows for crypto lending in Michigan, provided it does not increase financial risk. The bill states,
“If cryptocurrency can be loaned without increasing financial risk to this state, the state treasurer is permitted to loan the cryptocurrency to yield further return to this state.”
The bill also requires Michigan to hold crypto assets through secure custody solutions or exchange-traded products (ETPs) from registered investment companies.
The Michigan pension fund crypto exposure includes investments in Bitcoin and Ether exchange-traded funds (ETFs). Other states have proposed similar policies. The North Carolina House Speaker introduced a bill for state investments in Bitcoin ETPs, and Texas has advanced legislation to allow the state to invest and trade crypto assets.
Posthumus Proposes MichCoin Stablecoin
Posthumus also suggested the Posthumus MichCoin proposal, a stablecoin backed by gold and silver reserves. On Feb. 13, he posted on X , stating that Michigan should create a stablecoin tied to its gold and silver holdings.
MichCoin Stablecoin Proposal. Source: Rep. Bryan PosthumusCrypto Reserve Legislation Across US States
A total of 20 US states have advanced state cryptocurrency investments beyond the House committee level. North Dakota remains the only state to have rejected a crypto investment bill.
US States Advancing Bitcoin Reserve Bills. Source: Bitcoin Reserve Monitor Pending: Michigan, Texas, Florida, Kentucky, Missouri, Illinois, Ohio, Maryland, Pennsylvania, New York, New Jersey, Delaware, Indiana, Kansas, Oklahoma, Wyoming Considering: Utah, ArizonaTexas, one of the most active states in crypto policy, recently introduced a bill to expand its crypto investment and trading capabilities. State-backed Bitcoin reserve legislation continues to gain traction across the country.
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