Key Notes

Key Notes:

Michigan lawmakers have introduced House Bill 4087 to allow state investment in cryptocurrencies.The bill proposes allocating up to 10% of Michigan’s general and economic stabilization funds into digital assets.It also includes a provision permitting the state treasurer to lend out crypto to generate extra revenue.

Michigan lawmakers Bryan Posthumus and Ron Robinson have recently introduced House Bill 4087, a proposal that could make the state one of the first to officially invest in Bitcoin BTC $96 656 24h volatility: 1.2% Market cap: $1.92 T Vol. 24h: $18.59 B and other cryptocurrencies. The bill, if passed, would authorize the state treasurer to allocate up to 10% of Michigan’s general and economic stabilization funds into crypto assets.

Posthumus, a vocal advocate for pro-crypto policies, noted Michigan’s potential leadership in the digital asset space. He stated that the state should follow Texas in advancing crypto-friendly legislation. He added:

“Michigan should be leaders, not followers — especially when it comes to tech and manufacturing. They are our history and legacy to this nation.”

Notably, just this week, Texas lawmakers reintroduced SB 21, an updated version of their earlier Bitcoin reserve bill. Unlike its predecessor, which solely focused on holding Bitcoin as a long-term asset, SB 21 expands the state’s investment options to include other high-market-cap cryptocurrencies. It also grants Texas greater flexibility in actively managing its crypto holdings.

Michigan’s bill also includes a provision allowing the state treasurer to lend out cryptocurrencies, a strategy aimed at generating additional revenue while mitigating risk.

Michigan’s interest in blockchain and crypto is not new. In 2022, the state established a “blockchain and crypto commission” to explore opportunities within the sector. With House Bill 4087, Michigan takes a step further by proposing direct state investment in digital assets.

Michigan’s proposal comes at a time when several other US states are moving toward incorporating Bitcoin into their financial strategies.

Utah remains at the forefront of state-level Bitcoin adoption, with its Bitcoin reserve bill already clearing the House. According to Satoshi Action Fund CEO Dennis Porter, Utah could become the first US state to formally implement a Bitcoin reserve, citing its strong political backing and an expedited legislative process.

Currently, around 20 states, including Arizona, Illinois, Kentucky, Maryland, Ohio, and Pennsylvania, are considering similar Bitcoin reserve bills. The push for Bitcoin adoption at the state level has gained momentum, particularly since pro-crypto President Donald Trump assumed office in January.

While individual states are moving forward with Bitcoin-related legislation, the federal government is also exploring the potential of digital asset reserves.

Shortly after taking office, President Trump signed an executive order directing a presidential working group to assess the feasibility of a national digital asset stockpile. Although the order does not immediately establish a Bitcoin reserve, it signals the federal government’s rising interest in crypto investment and regulation.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it’s dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.

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