This bill would allow Michigan to invest in cryptocurrencies through the general fund and economic stabilization fund, with a maximum allocation of 10%. However, it does not impose specific restrictions on which cryptocurrencies can be purchased. Additionally, the bill includes a provision allowing the state to lend cryptocurrencies to generate additional returns.

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Representative Bryan Posthumus stated that this bill would position Michigan alongside Texas as a leading state in crypto policy. Texas recently proposed similar legislation allowing the state to invest in digital assets.

Furthermore, on February 13, Posthumus suggested the idea of “MichCoin”, a stablecoin backed by Michigan’s gold and silver reserves. He believes this could add real value to the state’s economy.

Michigan’s state pension fund already holds exposure to Bitcoin and Ethereum exchange-traded funds (ETFs). Currently, 20 U.S. states have introduced crypto reserve bills. North Dakota remains the only state to have rejected legislation related to crypto investments.

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The post Michigan Becomes the Latest State to Propose a Crypto Reserve Bill appeared first on Coin Engineer.