Michigan advances bill to create state-level strategic crypto reserve

Michigan lawmakers are advancing a proposal that would allow the state to establish a strategic crypto reserve, as the Midwestern state joins other US jurisdictions considering digital assets for public ￰0￱ proposed legislation, known as House Bill 4087, moved to a second reading on Thursday and was referred to the Committee on Government ￰1￱ was introduced in February by Republican Representatives Bryan Posthumus and Ron Robinson, who are asking the House to amend the Michigan Management and Budget Act. “Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve,” Posthumus wrote on X at the time of its ￰2￱ passed, the state treasurer’s authority will be allowed to allocate up to 10% of funds from Michigan’s countercyclical budget and economic stabilization fund into ￰3￱ government could become crypto holders House Bill 4087 allows the state to maintain its digital assets in three possible ways: through a secure custody solution, through a qualified custodian such as a bank, trust company, or state-regulated firm, or by acquiring exchange-traded products (ETPs) from registered investment ￰4￱ Bill 4086 and 4087.