Michigan HB5132 protects users of convertible virtual currency from governmental restrictions.
Michigan HB5132, the "use of convertible virtual currency protection act," prohibits governmental entities from restricting covered users' use of convertible virtual currency for lawful purposes. This includes using it for personal purchases or self-hosted wallets. The act also prevents governmental entities from taxing or requiring reporting for transactions under $200.00. A person suffering a loss due to a violation can sue for triple damages.
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