Michigan House Committee Advances Three Crypto Bills

Show description: Michigan’s House Economic Competitiveness Committee advanced Representative Bill G. Schuette’s package of cryptocurrency bills on a party-line vote. The package includes HB 4510, HB 4511, and HB 4513. HB 4510 would authorize the State Treasurer to allocate a capped share of public retirement assets to cryptocurrencies, describe a cap reported at up to five percent of a retirement fund’s portfolio, and include eligibility screens limiting investments to large-cap assets that meet a market capitalization floor, with custody and reporting requirements deferred to implementing guidance. HB 4511 would prohibit state and local governments from prohibiting individuals from owning or using cryptocurrencies and would direct tax parity so certain crypto transactions receive treatment comparable to fiat for state tax purposes. HB 4513 would establish tax incentives for mined Bitcoin that meets program rules, authorize repurposing of abandoned or underused industrial sites for mining operations, and condition incentives on environmental remediation and grid-impact requirements set in program rules. Committee materials describe safeguards including percentage caps, market-cap floors, and asset-eligibility screens, and sponsors and analysts highlighted custody, reporting, and compliance standards for fiduciary management. The committee vote divided along party lines. Stakeholders including pension boards, business groups, labor unions, municipal officials, and environmental groups have submitted or are preparing testimony and written comments to the committee. Next procedural steps include consideration by the full House, potential committee of the whole review and amendments, a House vote, transmission to the Senate, and potential signature or veto by the Governor, followed by state agency implementation guidance that would set final eligibility criteria, reporting requirements, and compliance timelines. Key open issues for legislative and implementation phases include the final investment cap level, definitions of eligible assets, custody and reporting standards, and the scope of preemption over local zoning and operational rules. 

Source: https://web3businessnews.com/policy/michigan-crypto-bills-advance/

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