Michigan HB4087 establishes a strategic bitcoin reserve, allowing the state treasurer to invest up to 10% of certain funds in cryptocurrency.
Michigan HB4087 amends the state finance law to create a strategic bitcoin reserve. The state treasurer may invest up to 10% of the general fund and the countercyclical budget and economic stabilization fund in cryptocurrency. Investments must adhere to strict security protocols, including secure custody solutions and qualified custodians. Cryptocurrency must be held directly by the state treasurer through secure means. The bill also outlines procedures for loaning cryptocurrency to yield returns, ensuring the state's financial risk remains low.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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