Government interest in Bitcoin (BTC) has continued to grow in the United States, especially since President Donald Trump created a strategic preparation for the asset. States such as New Hampshire, Arizona and Oregon have already approved projects related to the creation of Nakamoto, with new proposals arising weekly in different jurisdictions.
This trend was followed by four new initiatives in Michigan yesterday. These include Bill HB4510, HB4511, HB4512, and HB4513.
Their first suggests that state accounts can invest public funds in cryptocurrency, provided they have an average market capitalization of at least USD 250 billion. The previous year, the rules were only compliant with Bitcoin. Additionally, it establishes that it is necessary to maintain the digital assets acquired through stock-listed products issued by registered investment companies.
Meanwhile, Draft HB4511 seeks to ensure citizens have the right to own and use digital currency. It prohibits states from already requesting licenses, leviing additional taxes and establishing obstacles to ownership of these assets. It also proposes preventing state agencies from supporting the development or implementation of digital currencies issued by the Federal Government (CBDC), promoting the operation of nodes, ensuring the freedom to carry out transactions in cryptographic networks, and participate in activities such as staff and mining.
The HB4512 proposal focuses on creating the A program that allows private companies to use abandoned oil or gas wells for Bitcoin mining. In return, the company is responsible for sealing the well and restoring the site once the operation is complete. What is needed is to use the residual resources of these wells to generate electricity for mining, and to promote environmental recovery without relying solely on public funds.
Finally, the HB4513 Initiative It proposes to change Michigan’s 1967 income tax lawto promote that taxpayers registered in the Bitcoin State Mining Program, established by the HB4512 project, can infer from gross income adjusting the profits generated by this activity. It should be noted that if mining is being done in abandoned wells, the deduction applies to both natural and business associations. The entry into effect of this proposal will be subject to prior approval by HB4512.
These proposals are at the beginning of the legislative process.Specifically, a review by the Misagan House of Representatives Communications Technology Committee. At this point, there has not been any progress beyond this early stage, including hearings, committee voting, and approval by the Chamber of Commerce.
Although only the HB4510 bill allows Michigan to invest public funds in Bitcoin, The simultaneous presentation of the four initiatives represents a key step in recruiting the sector. This occurs at a time when institutional profits per BTC are booming worldwide and prices are rising.
While writing this memo, as reported by Cryptootics, the major Cryptoactive reached a new historic maximum of nearly 112,000 USD.
Texas is making reservations for BTC following Arizona and New Hampshire
It is important to emphasize this at the same time as Misquigan’s advances Texas is likely to become the third state in the US to officially forge a strategic Bitcoin reserve.
The SB 21 bill proposes the creation of the state’s Cryptocurrency Treasury in Texas – with BTC as its only viable asset, due to its high capital requirements – over the third reading in the House yesterday, we expect only the signature of Gov. Greg Abbott. The initiative seeks to strengthen the financial stability of the nation through the acquisition of Bitcoin and secure custody, professionally managed and supported by the advisory board.
Meanwhile, New Hampshire has already taken important steps in this direction. The latter is an approved Law HB 302, which allows the treasure to invest up to 5% of its public funds in Bitcoin and precious metals, provided it complies with high capital standards.
Meanwhile, in Arizona, the governor rejected a proposal that would have approved a direct investment in Bitcoin, but the HB 2749 law allowed the creation of a reserve funded by abandoned states, reflecting a partial commitment to the institutional adoption of cryptocurrencies.
According to Bitcoin legal researchers, they presented 147 projects related to Bitcoin in 40 US states. Of these, 47 initiatives are working on developing strategic reserves in 26 jurisdictions, of which 37 continue to operate in 20 states.