COINOTAG News reported on September 19, citing Cointelegraph, that the Michigan Bitcoin Reserve Bill (HB 4087) has progressed procedurally, moving to a second reading in the House of Representatives and being referred to the Committee on Government Operations for review.
The draft legislation would allow the state government to invest up to 10% of state funds in cryptocurrency, establishing an explicit allocation cap for public portfolios and prompting analysis of fiduciary oversight and digital asset risk management.
The measure now awaits scrutiny by the Committee on Government Operations; any implementation will hinge on committee findings and subsequent legislative votes, with fiscal safeguards and statutory parameters to be evaluated during the review process.