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Michigan committee hears multi-bill cryptocurrency package, including pension investment guardrails and orphan-well mining proposal
Summary
The Michigan House Committee on Economic Competitiveness heard testimony on a package of bills that would allow limited pension investment in large, ETF‑structured cryptocurrencies, create a digital‑asset bill of rights to protect individual custody rights, and authorize pilot programs to use abandoned oil and gas wells for Bitcoin mining.
The Michigan House Committee on Economic Competitiveness heard more than an hour of testimony on a package of cryptocurrency bills that would protect user custody, allow limited state pension exposure to large, exchange‑traded crypto assets and authorize pilot programs to repurpose abandoned oil and gas wells for Bitcoin mining.
Representative Posthumous, appearing as a lead sponsor for House Bill 45 11, told the committee he believes “in the near future … cryptocurrency and digital assets will be the foundation of the financial world,” and described the bill as a mechanism to protect individuals who hold digital assets from being forced into licensing requirements or other government-imposed limits.
The package includes House Bill 45 10, offered by Representative Schuette, which would amend the Public Employee Retirement System Investment Act to allow the state treasurer—in the treasurer’s role as an investment fiduciary—to invest in digital assets only under defined conditions. Schuette said those conditions include: (1) the asset must have…
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