Michigan State Legislature Proposes Groundbreaking Bitcoin Bills to Enable Pension Fund Investments and Support Mining Initiatives

On May 22, COINOTAG reported significant legislative developments in Michigan, as the State Legislature has proposed four new bills targeting the cryptocurrency landscape. Among them, HB 4510 seeks to facilitate state treasury investments in Bitcoin via regulated exchanges, aiming to bolster the pension fund’s performance. In contrast, HB 4511 aims to eliminate state government involvement with Central Bank Digital Currency (CBDC), aligning with a broader skepticism towards government-backed digital assets. Meanwhile, bills HB 4512 and HB 4513 focus on cryptocurrency mining, offering the opportunity for private companies to extract Bitcoin using abandoned oil well sites. This initiative also includes potential tax incentives, incentivizing a shift toward sustainable energy practices in the mining sector. These regulatory advancements could position Michigan as a notable player in the crypto economy, appealing to investors and innovation-seekers alike.