This post was originally published on this site.
As President Donald Trump takes steps to establish cryptocurrency as a mainstream part of the nation’s financial system, Michigan House Republicans are following suit, forging ahead on policies to incorporate the digital currency into the state’s economy.
Members of the committee voted along party lines last week to refer Rep. Bill G. Schuette’s House Bill 4510 to the House floor for further consideration. State Rep. Julie Brixie (D-Okemos) represented the Democrats’ sole no vote as her three colleagues on the panel opted instead to pass on voting.
The bill would allow administrators of the state’s public employee retirement system to invest up to 5% of those funds into cryptocurrency with a market capitalization of $250 billion.
The committee also voted along party lines to refer House Bill 4511 to the House floor, with Brixie once again marking the only vote of opposition from Democrats.
The bill blocks the state and its agencies from banning or placing limitations or licensing requirements to possess digital currency. It also prohibits the state from imposing additional taxes on these assets.
The two bills were each sponsored by lawmakers from both sides of the aisle.
Join Michigan Advance’s year-end fundraising drive.
Between now and December 31, we’re aiming to raise $10,000 to power our nonprofit news into the new year. Your donation today will support trusted and essential reporting — right when Michigan needs it most. If our work has helped you understand Michigan better, consider supporting our work today.