Michigan lawmakers have introduced four crypto-related bills covering crypto mining, central bank digital currencies (CBDCs) and crypto in state retirement funds.
Republican state Representative Bill Schuette introduced House Bill 4510 on May 21, which would amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer, currently Rachael Eubanks, to invest in cryptocurrencies that have averaged a market cap above $250 million over the last calendar year.
Bitcoin (BTC) and Ether (ETH) are the only cryptocurrencies that currently meet that threshold. The bill adds that any cryptocurrencies must be held in the form of an exchange-traded product issued by a registered investment company.
A similar bill was introduced in February, permitting the state treasurer to allocate up to 10% of Michigan’s Budget Stabilization Fund into crypto.
Republican Representative Bryan Posthumus led the introduction of the second bipartisan