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Four cryptocurrency bills submitted in Michigan, including Bitcoin investments for state retirement funds.
On the 22nd, four cryptocurrency-related bills were newly introduced in the Michigan State Legislature.
The bill includes permission for state retirement funds to invest in Bitcoin, a ban on central bank digital currencies (CBDC) and rights protection, permission for Bitcoin mining at abandoned oil and gas wells, and tax deductions for mining operations. This move in Michigan, which has the 14th largest GDP in the U.S. and is based on the automotive industry, represents an important step towards the institutionalization of cryptocurrencies.
Meanwhile, the Texas House of Representatives overwhelmingly passed Senate Bill 21 on the same day to allow state governments to establish bitcoin reserves. The amendment passed by the House of Representatives will need to be approved again by the Senate, and is expected to be signed into law by the governor.
If the bill is passed, Texas will become the third state in the United States to hold Bitcoin reserves, following New Hampshire and Arizona. In response to this development, the price of Bitcoin temporarily exceeded $109,000, setting a new all-time high.
The movement towards such legal frameworks in various states of the United States indicates that the mainstreaming and institutional acceptance of cryptocurrencies are accelerating.
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