Michigan lawmakers introduce new crypto bills covering state investments, mining, and CBDCs
Four new cryptocurrency-related bills were introduced in the Michigan legislature this week, covering public pension investments in crypto, mining, income tax exemptions, and restrictions on CBDC support.
As of May 23, four new proposed legislations, House Bills 4510, 4511, 4512, and 4513, have been introduced in the Michigan legislature, marking a coordinated push to define the state’s approach to cryptocurrency.
House Bill 4510, introduced by Representative Bill Schuette, seeks to amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer to invest in cryptocurrencies.
The bill restricts eligibility to digital assets with an average market capitalization of at least $250 billion over the past calendar year. Currently, only Bitcoin (BTC) and Ether (ETH) meet this threshold. These investments must be made through exchange-traded products issued by a registered investment company.
House Bill 4511 , sponsored by Representative Bryan Posthumus, proposes prohibiting the state and its subdivisions from banning the holding of digital assets or imposing licensing, permitting, or discriminatory tax requirements based solely on digital asset usage.
It also bars state agencies from advocating for or supporting any federal CBDC by issuing memoranda or official endorsements.
Additionally, the bill protects blockchain participants by preventing restrictions on node operations, asset transfers, and staking, while shielding validators and node operators from civil liability.
Meanwhile, House Bill 4512 , introduced by a bipartisan group led by Representative Mike McFall, outlines a Bitcoin mining partnership programme targeting abandoned oil and gas wells.
Under the proposed programme, participants would receive temporary rights to use the wells for energy generation in return for assuming responsibility for plugging, site restoration, and response activity.
The bill requires the supervisor of wells to identify eligible sites, publish detailed assessments, and manage a competitive bidding process. Selected participants must provide financial assurances, submit environmental and production data, and report annually.
Mining rights are contingent on adherence to these obligations and capped plugging costs.
McFall also led the introduction of House Bill 4513 , which would amend Michigan’s Income Tax Act to exempt income earned through the proposed Bitcoin mining programme from state income tax.
The amendment defines the scope of exempt income and aligns it with the programme framework established under HB 4512, providing clarity for both individual and corporate taxpayers participating in the initiative.
In addition to these four bills, Michigan is also considering the creation of a strategic cryptocurrency reserve. Introduced on Feb. 13 as House Bill 4087, this earlier proposal, backed by Representatives Posthumus and Ron Robinson, would authorize the state treasurer to allocate up to 10% of the general fund and Budget Stabilization Fund for crypto investments.

Bpay-News
2025/05/15 18:30
Crypto market maker Wintermute to establish US headquarters in New York
Wintermute, a crypto market maker, announced that it will open its first US headquarters in Lower Manhattan, New York on June 1. At the same time, it appointed policy veteran Ron Hammond as head of policy and advocacy. Wintermute CEO Evgeny Gaevoy said: "As the United States' policies toward digital assets and blockchain innovation become more friendly, we decided to move quickly and establish roots in New York City, the world's financial capital." (TheBlock)

Bpay-News
2025/05/15 03:30
Wintermute to establish US headquarters in New York, appoints Ron Hammond as policy director
Crypto market maker Wintermute announced that it will set up its US headquarters in downtown New York on June 1, its first office in the United States. "As the US policy becomes more friendly to digital assets and blockchain innovation, we decided to move quickly and take root in New York City, the world's financial capital," said Evgeny Gaevoy, CEO of Wintermute. In addition, Wintermute appointed policy veteran Ron Hammond as director of policy and advocacy. Hammond was previously senior director of government relations at the Blockchain Association and was head of financial services policy for Republican Congressman Warren Davidson. "As the US regulatory environment becomes more constructive, we see tremendous opportunities to promote responsible innovation and deepen engagement with policymakers and industry stakeholders," he said.

Cryptonews Official
2025/05/14 14:05
Michigan designates May 13 as Digital Asset Awareness Day to promote crypto education
Michigan has officially declared May 13 as Digital Asset Awareness Day, just months after it had joined 30+ U.S. states in the Bitcoin reserve race.
The Michigan House of Representatives has officially adopted House Resolution 100, declaring May 13 as Digital Asset Awareness Day across the state.
“Designating a day to recognize and promote awareness of digital assets will encourage informed dialogue, responsible innovation, and collaborative efforts among stakeholders across the state,” the resolution states .
The bipartisan resolution was sponsored by Representatives Jaime Greene and Joseph Fox. It encourages academic institutions, government bodies, and private sector companies to organize initiatives that “foster a deeper understanding of digital assets and their impact on our society and economy.”
Michigan’s designation of Digital Asset Awareness Day comes on the heels of the state joining the growing list of U.S. states exploring Bitcoin-backed reserves.
On Feb. 13, Representatives Bryan Posthumus and Ron Robinson introduced House Bill 4087, making Michigan the 20th state to consider legislation establishing a strategic crypto reserve. The proposed bill would authorize the state treasurer to invest up to 10% of both the general fund and the economic stabilization fund into digital assets. The legislation also allows for crypto lending, provided it does not increase the state’s financial exposure.
While Michigan lays the groundwork, New Hampshire and Arizona have taken the lead in the Strategic Bitcoin Reserve race, with both enacting SBR laws in early May.
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