Michigan lawmakers introduce new crypto bills covering state investments, mining, and CBDCs

Four new Cryptocurrency-related accounts were introduced this week in the Michigan-Wegentendacht, which covered public pension investments in crypto, mining, exemptions for income tax and restrictions on CBDC support.

From 23 May, four new proposed legislation, house accounts 4510, 4511, 4512 and 4513 have been introduced in the legislative power of Michigan, which marks a coordinated push to define the approach of the State for Cryptocurrency.

House Bill 4510, Introduced by representative Bill Schuette, tries to change Michigan’s public pension system investment law to enable the treasurer of the State to invest in cryptocurrencies.

The bill limits the suitability to digital assets with an average market capitalization of at least $ 250 billion in the past calendar year. Currently, only Bitcoin (BTC) and Ether (ETH) meet this threshold. These investments must be made through products issued with exchange by a registered investment company.

House Bill 4511Sponsored by representative Bryan Posthumus, proposes to prohibit the state and its subdivisions to prohibit the possession of digital assets or to make licenses, permits or discriminatory tax requirements exclusively on the basis of digital assets.

It also prohibits government agencies from advocating or supporting a federal CBDC by issuing memoranda or official notes.

In addition, the Blockchain participants bill protects by preventing restrictions on junction activities, activation transfers and result, while shielding validators and junction operators against civil liability.

In the meantime, House Bill 4512Introduced by a dual group led by representative Mike McFall, a Bitcoin mining partnership program focuses on abandoned oil and gas sources.

According to the proposed program, participants would receive temporary rights to use the wells for energy generation in exchange for accepting responsibility for connecting, recovery of the site and the response activity.

The bill requires that the WELLS supervisor identifies eligible sites, publishes detailed assessments and manage a competitive bid process. Selected participants must provide financial guarantees, submit environmental and production data and report annually.

Mining rights depend on compliance with these obligations and covered blockage costs.

McFall also led the introduction of House account 4513who would change Michigan’s income tax law to release income earned through the proposed Bitcoin mining program of the Income Tax of the State.

The amendment defines the scope of exempt income and coordinates it with the program charger that has been established under HB 4512, which provides clarity for both individual and corporation taxpayers participating in the initiative.

In addition to these four accounts, Michigan is also considering the creation of a strategic cryptocurrency reserve. Introduced on 13 February as House Bill 4087, this earlier proposal, supported by representatives Posthumus and Ron Robinson, would give the treasurer permission to assign up to 10% of the General Fund and Budget Stabilization Fund for Crypto Investments.