Michigan introduces cryptocurrency reserve bill, allowing state government to invest no more than 10% of total crypto assets

according to Cointelegraph, Michigan State Representatives Bryan Posthumus and Ron Robinson submitted HB 4087 on February 13th, aiming to amend the state's "Management and Budget Act" to establish a Bitcoin strategic reserve.

The bill allows the state treasury to invest in cryptocurrencies from the general fund and the economic stabilization fund, with a cap of 10%, and to hold crypto assets 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, 20 states in the U.S. have proposed similar bills.