Michigan Lawmakers Propose Bill to Enable State Crypto Investments

Michigan lawmakers Bryan Posthumus and Ron Robinson have introduced House Bill 4087, which could pave the way for the state to invest in digital assets like bitcoin.

Posthumus expressed on social media that Michigan should follow Texas’ lead in adopting crypto-friendly policies, advocating for the establishment of a Michigan Crypto Strategic Reserve through the proposed bill.

This move is part of a growing trend across U.S. states to explore cryptocurrency as part of their financial strategies.

If passed, House Bill 4087 would allow Michigan to allocate up to 10% of its general and economic stabilization funds into cryptocurrencies, diversifying its investment approach. Additionally, the bill includes provisions for the state treasurer to lend out crypto holdings to generate returns, without increasing financial risks.

This initiative follows Michigan’s prior steps to support blockchain and crypto, including the creation of a blockchain commission in 2022 aimed at fostering growth in the sector.

Michigan joins around 20 other states, such as North Carolina, Texas, Pennsylvania, Ohio, and Oklahoma, in considering crypto reserve legislation, with growing interest fueled by the pro-crypto stance of lawmakers, especially following Donald Trump’s presidency.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.