Michigan submits cryptocurrency reserve bill allowing state government to invest up to 10% of funds in cryptocurrency

ChainCatcher news, according to Cointelegraph, Michigan State Representatives Bryan Posthumus and Ron Robinson submitted HB 4087 on February 13, aiming to amend the state's Management and Budget Act to establish a Bitcoin strategic reserve.

The bill allows the state treasury to invest up to 10% of the general fund and the economic stabilization fund in cryptocurrencies, and it can hold crypto assets through secure custody solutions or ETF products from registered investment companies. The bill also permits the state government to generate additional revenue through cryptocurrency lending. Currently, 20 states across the U.S. have proposed similar legislation.