Michigan submits a cryptocurrency reserve bill, allowing the state government to invest in crypto assets not exceeding 10% of the total amount
Golden Finance reports, according to Cointelegraph, Michigan State Representatives Bryan Posthumus and Ron Robinson submitted HB4087 bill on February 13th, proposing to amend the state's "Management and Budget Act" to establish a Bitcoin strategic reserve. The bill allows the state treasury department to invest in cryptocurrencies from the general fund and economic stability fund up to a limit of 10%, which can be held through secure custody solutions or ETF products of registered investment companies. The bill also allows the state government to earn additional income through cryptocurrency lending. Currently, similar bills have been proposed in 20 states across America.
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