Nazia Saeed
Michigan’s legislature took a major step toward crypto policy reform this week, with lawmakers introducing four separate bills on May 21 addressing cryptocurrency investments in state retirement funds, limitations on central bank digital currencies (CBDCs), and support for Bitcoin mining operations.
The first proposal, House Bill 4510, was introduced by Republican Representative Bill Schuette. It seeks to amend Michigan’s Public Employee Retirement System Investment Act to authorize the state treasurer, currently Rachael Eubanks, to invest in certain cryptocurrencies.
Under the bill, qualifying cryptocurrencies must have maintained an average market capitalization of over $250 million for the previous calendar year and be accessible through exchange-traded products issued by registered investment firms. Currently, only Bitcoin (BTC) and Ether (ETH) meet this benchmark.
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This proposal follows a similar bill filed in February that would allow up to 10% of Michigan’s Budget Stabilization Fund to be invested in crypto.
House Bill 4511, introduced by Republican Representative Bryan Posthumus with bipartisan support, aims to prevent the state from enacting restrictions on individual crypto ownership or requiring licenses to hold digital assets. It also seeks to bar Michigan officials from supporting any federal proposals involving the issuance or implementation of a CBDC.
The bill defines “support” as including formal endorsements, memoranda, or statements issued by state officials that promote or assist in federal CBDC initiatives.
On the mining front, House Bill 4512, led by Democratic Representative Mike McFall and a bipartisan group, proposes establishing a program allowing Bitcoin miners to operate at decommissioned oil and gas sites across the state.
Each site would be evaluated by a designated supervisor to assess its prior use and determine realistic production estimates. Interested mining firms would be required to submit documentation detailing their business structure, mining capabilities, and breakeven cost analyses for proposed operations.
The fourth bill, HB 4513, also spearheaded by Rep. McFall’s bipartisan coalition, would revise Michigan’s income tax code to include revenue generated through participation in the proposed Bitcoin mining program.
These developments position Michigan as one of the more proactive U.S. states exploring comprehensive crypto-related legislation. The proposed laws underscore growing bipartisan interest in integrating blockchain technologies into public finance and industrial repurposing efforts.
