In brief
- Michigan’s House Bill 4087 advanced on Thursday, moving to the Government Operations Committee.
- The bill would allow up to 10% of state funds in cryptocurrency with strict security requirements.
- Michigan’s attempt is part of the inevitable state-level adoption pressuring neighboring states, Decrypt was told.
Michigan’s stalled bid to create a state-run Bitcoin reserve sprang back to life this week, with lawmakers moving House Bill 4087 to the Government Operations Committee after seven months of inaction.
The measure, introduced in February, would authorize the state treasurer to allocate up to 10% of Michigan’s general and stabilization funds into crypto.
On Thursday, the bill cleared procedural hurdles, was placed on the House’s second reading calendar, and was formally referred to the Government Operations committee.
Sponsored by Republican Reps. Bryan Posthumus (R-MI) and Ron Robinson (R-MI), the measure represents Michigan’s latest attempt yet to join
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Author: Vismaya V
