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The House of Representatives of the state of Michigan is advancing a bill to create a strategic Bitcoin (BTC) reverse.
In a new thread on X, Bitcoin Laws – a firm dedicated to tracking BTC-related legislation – says that the bill has been slotted into the House’s calendar and would allow 10% of the state’s fund to be invested into the top crypto asset by market cap and possibly other digital assets.
“Michigan Strategic Bitcoin Reserve bill has progressed for the first time since February. HB 4087 [has] been placed on the House second reading calendar and referred to the Committee on Government Operations. The bill would allow 10% of state funds to be invested.”
If approved, the bill, which has been dormant for seven months, would make Michigan the fourth state to have enacted a BTC treasury law, joining Arizona, Texas and New Hampshire.
Bitcoin is trading for $115,851 at time of writing, a 1.5% decrease during the last 24 hours.
Last month, it was reported that Wyoming became the first state in the US to issue its very own dollar-pegged asset, Frontier Stable Token (FRNT). As stated by Wyoming Governor Mark Gordon at the time,
“For years, Wyoming has been the leading state on blockchain, cryptocurrency, and digital asset regulation, passing over 45 pieces of legislation since 2016.
Today, Wyoming reaffirms its commitment to financial innovation and consumer protection. The mainnet launch of the Frontier Stable Token will empower our citizens and businesses with a modern, efficient, and secure means of transacting in the digital age.”
