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    Michigan House Introduces Four New Crypto Bills to Shape Digital Asset Policy

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    Highlights:

    • Michigan plans to invest retirement funds in Bitcoin as the coin reaches a new ATH.
    • The new crypto bills in Michigan propose a ban on CBDCs and offer mining rights.
    • Other states are in the process of passing crypto bills related to Bitcoin.

    Michigan lawmakers have introduced four bills that focus on crypto. The bills aim to shape state policies on virtual assets and reduce federal influence. The bills align with moves made by other states. The proposals concentrate on addressing investment, mining and digital currency issues.

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    Rep. Bill Schuette introduced House Bill 4510. It allows the state treasurer to invest retirement funds in virtual currencies. However, to qualify, a cryptocurrency would need a $250 billion average market cap for the past year. Currently, the rule only covers Bitcoin, which just surpassed $111,000. The bill states that these assets have to be held through exchange-traded products offered by approved and licensed businesses.

    These requirements make sure there is control over money and reduce the chance of risks to public funds. The bill is a sign that institutions are starting to pay more attention to Bitcoin. The decision makes Michigan part of an increasing group of states studying crypto-based approaches to investment. The bill needs to pass several more steps in legislation before it can become a law.

    Crypto Bills Target CBDCs and Promote Bitcoin Mining Programs

    Rep. Bryan Posthumus also put forward another bill, House Bill 4511. The bill aims to set new rules around central bank digital currencies (CBDCs). It prevents any Michigan agency or department from backing or promoting a U.S. CBDC. The bill also bans restrictions or taxes on digital asset holdings at the state level.

    Rep. Mike McFall introduced two related bills, House Bill 4512 and House Bill 4513. These bills focus on Bitcoin mining and environmental restoration. The first bill by the representative aims to create a new “Bitcoin Program.” The bill provides a solution for private companies to mine Bitcoin using residual gas from abandoned oil or gas wells. In return, companies must take full responsibility for restoring the well sites.

    The second bill offers tax deductions for income and corporate earnings generated from such mining activities. Both bills aim to support crypto mining while addressing site cleanup. The Supervisor of Wells would manage the program.

    The mining proposals are designed to merge new technologies with environmental protection. They motivate businesses to use energy recovery technology. Michigan’s approach reflects growing interest in linking digital assets with sustainable practices.

    State-Level Momentum Grows Around Crypto Bills Nationwide

    Michigan is not acting alone. Several other U.S. states are advancing their own digital asset legislation. Texas lawmakers recently passed a bill to create a Bitcoin reserve. The bill now awaits the governor’s decision. It would allow investments in digital assets with a market value above $500 billion, currently applying only to Bitcoin.

    New Hampshire is the first state to allow using crypto and precious metals for managing public funds. Arizona became the second to pass a bill that aims to boost Bitcoin mining and secure asset holding. This means state legislators are acting more swiftly than federal agencies when making rules for digital assets. Even though the Michigan bills are just getting started, they show a change in the way states treat digital assets. As more proposals are introduced at the state level, enthusiasm for crypto bills is growing.

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