A bill has been introduced in Michigan to establish a strategic crypto reserve, which has become the 20th state to consider a digital currency-supported reserve.
Brian Postithumus and Ron Robinson presented by delegates on 13 February, House Bill 4087 The state’s treasurer allows the state’s general fund and 10% of the economic stabilization fund for cryptocurrency investment.
According to the bill, the state treasurer will be responsible for keeping and managing any crypto investment directly from a regulated investment company using a “safe custodion,” or “exchange-traded product”.
The bill also opens the door for crypto lending, stating that if it can be “done without increasing financial risk for this state”, the treasurer may lend to cryptocurrency to generate additional returns.
Additionally, Bill said that any tax or fee paid to the state in cryptocurrency should be transferred to the general fund. If the payment or fee was originally made for another fund, the treasurer needs to reimburse that fund in the Fiat currency equal to the crypto received.
With this, Michigan 19 connects to other American states which are currently Considering A cryptocurrency is in a strategic reserve and various stages of law.
Experts speculate that Utah will be the first state to pass such a bill due to its 45-day legislative timeline, the smallest in all other states. It also benefits from a dedicated Digital Asset Task Force that has continuously operated the crypto-related laws towards approval.
Meanwhile, Michigan’s bill follows a uniform offer Presented On 12 February in the Texas Senate by Senator Charles Schutor. Stressed on Michigan must join Texas, a leading “Crypto policy” by signing the “Michigan Crypto Strategic Reserve”.
Michigan has previously detected crypto investment through bitcoin and atherium exchange-traded funds. In November, the Michigan Retirement System became one of the top five holders of Spot Atherium ETFs of Grassscale through an investment of state $ 10 million. It was at the top of $ 6.6 million invested in ARK 21Shares’ Arkb Spot Bitcoin ETF in July.
