The Michigan Strategic Cryptocurrency Reserve Bill has taken the next step, entering the second reading phase on Thursday.
The Michigan House Bill 4087 allows the state to invest in crypto assets under specific conditions and has moved to the second reading stage, submitted to the Government Operations Committee.
This legislation amends the Michigan Management and Budget Act to establish guidelines for a strategic cryptocurrency reserve but does not specifically mention Bitcoin (BTC).
This move comes at a time when the development of state-level Bitcoin reserves has recently stalled.
The bill was introduced in February by Republican Representatives Bryan Posthumus and Ron Robinson, allowing the state treasurer to invest up to 10% of the funds in Michigan's "counter-cyclical budget" and "economic stabilization fund" into cryptocurrencies.
The bill stipulates that the state must hold crypto assets through one of three approved methods: a "secure custody solution," a qualified custodian (such as a bank, trust company, or state-regulated company), or exchange-traded products from registered investment companies.
The state may also lend cryptocurrencies to generate additional income, provided it does not increase financial risk.
The bill also provides detailed technical security requirements for custody solutions, including exclusive government control over private keys, end-to-end encryption, no smartphone access, geographically dispersed secure data centers, multi-party transaction authorization, and regular security audits.
Aside from the following standards, it does not specify which digital assets can be used for strategic reserves:
The Michigan Bitcoin Trade Council opposes the bill, stating that "the legislation does not list market cap digital assets, which would prevent the state from purchasing cryptocurrencies other than Bitcoin."
The state's Bitcoin advocacy organization claims that allowing other crypto assets to be part of the strategic cryptocurrency reserve would "create unnecessary risks," as all other cryptocurrencies besides Bitcoin are "centralized and face significant risks."
According to Bitcoin Laws data, Michigan now joins Massachusetts and Ohio as states where the strategic cryptocurrency reserve bill has entered the committee stage.
Meanwhile, only New Hampshire, Arizona, and Texas have enacted legislation allowing state treasurers to invest in Bitcoin and crypto assets.
According to Bitcoin Reserve Monitor data, strategic Bitcoin reserve bills have been rejected in Montana, North Dakota, South Dakota, Wyoming, and Pennsylvania, with legislation under consideration in 17 other states.
Related: The Bank of Canada calls for the implementation of a stablecoin regulatory framework, or it will be "crushed."
Original article: “Michigan Cryptocurrency Reserve Bill Moves to Second Reading”
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