Michigan lawmakers restart bill to create state cryptocurrency reserves

The Michigan legislature is restarting a proposal to allocate up to 10% of state reserves into digital assets, and House Bill 4087 is submitted to the committee for consideration after the second reading is passed. The bill would authorize state finance ministers to invest in cryptocurrencies through qualified custodians or exchange-traded products, aiming to build strategic cryptocurrency reserves for economic diversification and economic downturn hedging. The bill contains strict custody and risk management safeguards, allowing asset borrowing only if there is no financial risk to taxpayers.