According to Cointelegraph, Michigan Rep. Bryan Posthumus and Ron Robinson introduced HB4087 on February 13, proposing to amend the state's Management and Budget Act to establish a strategic bitcoin reserve.
The bill allows state treasuries to invest in cryptocurrencies from general funds and economic stability funds up to a maximum of 10 percent, and can hold crypto assets through secure custody solutions or ETF products from registered investment companies. The bill also allows state governments to earn additional income through cryptocurrency borrowing. Similar bills have been proposed in 20 states across the United States.
Michigan has submitted a cryptocurrency reserve bill that would allow state governments to invest no more than 10% of their total cryptoassets.
2025-02-14 04:51:24
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