Michigan moves ahead with strategic crypto reserve bill
The post Michigan moves ahead with strategic crypto reserve bill appeared on BitcoinEthereumNews.com. Michigan lawmakers are advancing a proposal that would allow the state to establish a strategic crypto reserve, as the Midwestern state joins other US jurisdictions considering digital assets for public investment. The proposed legislation, known as House Bill 4087, moved to a second reading on Thursday and was referred to the Committee on Government Operations. It was introduced in February by Republican Representatives Bryan Posthumus and Ron Robinson, who are asking the House to amend the Michigan Management and Budget Act. “Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve,” Posthumus wrote on X at the time of its introduction. If passed, the state treasurer’s authority will be allowed to allocate up to 10% of funds from Michigan’s countercyclical budget and economic stabilization fund into crypto. Michigan government could become crypto holders House Bill 4087 allows the state to maintain its digital assets in three possible ways: through a secure custody solution, through a qualified custodian such as a bank, trust company, or state-regulated firm, or by acquiring exchange-traded products (ETPs) from registered investment companies. House Bill 4086 and 4087. Source: Michigan legislation website. Security procedures for the crypto holdings include exclusive government control over private keys, end-to-end encryption of all data, and the prohibition of access via smartphones. Michigan-owned digital assets’ information will be stored in secure data centers in different locations within the state. At the same time, transactions would require multiparty authorization, in addition to regular independent security audits. The bill allows the state to loan out crypto to generate additional revenue, provided that such activity does not increase exposure to financial risk. House Bill 4086, which was also introduced during the same month by Representatives Alabas Farhat, Ron Robinson, and…
The post Michigan moves ahead with strategic crypto reserve bill appeared on BitcoinEthereumNews.com.
Michigan lawmakers are advancing a proposal that would allow the state to establish a strategic crypto reserve, as the Midwestern state joins other US jurisdictions considering digital assets for public investment. The proposed legislation, known as House Bill 4087, moved to a second reading on Thursday and was referred to the Committee on Government Operations. It was introduced in February by Republican Representatives Bryan Posthumus and Ron Robinson, who are asking the House to amend the Michigan Management and Budget Act. “Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve,” Posthumus wrote on X at the time of its introduction. If passed, the state treasurer’s authority will be allowed to allocate up to 10% of funds from Michigan’s countercyclical budget and economic stabilization fund into crypto. Michigan government could become crypto holders House Bill 4087 allows the state to maintain its digital assets in three possible ways: through a secure custody solution, through a qualified custodian such as a bank, trust company, or state-regulated firm, or by acquiring exchange-traded products (ETPs) from registered investment companies. House Bill 4086 and 4087. Source: Michigan legislation website. Security procedures for the crypto holdings include exclusive government control over private keys, end-to-end encryption of all data, and the prohibition of access via smartphones. Michigan-owned digital assets’ information will be stored in secure data centers in different locations within the state. At the same time, transactions would require multiparty authorization, in addition to regular independent security audits. The bill allows the state to loan out crypto to generate additional revenue, provided that such activity does not increase exposure to financial risk. House Bill 4086, which was also introduced during the same month by Representatives Alabas Farhat, Ron Robinson, and…
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