Michigan’s Crypto Revolution: Retirement Funds, Bitcoin Mining, and a Dash of Sarcasm!

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  • Michigan proposes crypto investments for state retirement funds via exchange-traded products.
  • New bills promote Bitcoin mining, tax breaks, and ban support for a federal CBDC.

Ah, Michigan! A land where the Great Lakes meet the great leap into the digital abyss. With a flourish of legislative ink, the state has decided to tango with cryptocurrencies, introducing a quartet of bills that could make even the most stoic accountant raise an eyebrow. 🧐

Michigan pushes new crypto bill

Leading this charge is the illustrious House Bill 4510, championed by none other than Rep. Bill Schuette. This bill proposes a rather audacious amendment to the Public Employee Retirement System Investment Act. Who knew retirement funds could be so… exciting?

Picture this: Michigan’s state treasurer, armed with a digital wallet, ready to invest in cryptocurrencies that have a market cap larger than your average small country—specifically those boasting an average market cap exceeding $250 billion over the past year, through exchange-traded products. Talk about a retirement plan with a twist! 💰

And just to clarify, the bill states,

“Any digital asset held by this state in any of the previously listed funds must be held in the form of an exchange-traded product issued by a registered investment company.”

Details of House Bill 4511

But wait, there’s more! Enter House Bill 4511, a bipartisan gem introduced by Republican Representative Bryan Posthumus on the 21st of May. This legislation is like a superhero cape for crypto holders, ensuring the state can’t impose bans or licensing requirements on digital asset ownership. Because who needs federal oversight when you have Michigan? 🦸‍♂️

Moreover, this bill draws a firm line against federal intervention, making it clear that state officials are not to endorse or support a Central Bank Digital Currency (CBDC). No memos, no public statements—just pure, unadulterated digital financial sovereignty!

What’s more?

And as if that wasn’t enough, Representative Mike McFall has thrown his hat into the ring with two innovative bills, HB 4512 and HB 4513, linking Bitcoin [BTC] mining with environmental restoration and tax relief. Because why not save the planet while mining for digital gold? 🌍

The first bill launches a “Bitcoin Program,” encouraging private companies to repurpose abandoned oil and gas wells for crypto mining using leftover fuel. It’s like turning trash into treasure, but with a side of Bitcoin!

In return, these brave firms receive short-term authorization to carry out Bitcoin mining operations. Who knew environmentalism could be so profitable?

The second bill offers tax deductions on income and corporate earnings generated from these eco-friendly mining activities. If passed, the state’s Supervisor of Wells will oversee the program, maintain a public registry of eligible well sites, invite annual bids, and ensure miners take financial responsibility for site restoration. Because nothing says “responsible mining” like a public registry! 😄

These legislative moves align with a national trend, as states like New Hampshire and Arizona build strategic Bitcoin reserves, an initiative echoed by President Trump’s executive order establishing a national Bitcoin reserve. Who knew the future of finance could be so… entertaining?

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2025-05-24 09:46