LANSING, Mich. – New legislation was introduced in the Michigan House of Representatives today that seeks to establish the state as a destination for startups in the blossoming US blockchain industry. The package of bills include House Bills 4510-13 and would create a bill of rights for holders of cryptocurrencies, clarify in law the state treasurer’s ability to invest in cryptocurrencies and create a bitcoin mining partnership program along with a tax deduction for income attributable to the program.

Michigan leaders in the cryptocurrency space praised the legislation for its focus on how the citizens of the state can benefit and leverage the technology and how it sets Michigan apart from other states in the Midwest and nationally. 

“Blockchain technology is poised to transform industries and drive economic growth. The legislation introduced today in the State House, specifically the cryptocurrency bill of rights, will help position Michigan at the center of this emerging industry.” said Elizabeth Hansson, president of Stand with Crypto Michigan. “This legislation matters to communities across Michigan because it safeguards the right to innovate, build, and transact on open blockchain networks—ensuring our state remains a place where the next generation of digital infrastructure can thrive within a supportive and forward-looking policy environment. And while it’s important that Michigan legislators act now to attract and retain key players in the blockchain ecosystem, we also need the same sense of urgency at the federal level. My hope is that our federal lawmakers will see this moment in the states and recognize the need to create a clear regulatory framework for digital assets that balances innovation with strong consumer protections.”

“The “Web3” industry is one that has piqued the interest of students at in-state universities such as my alma mater, the University of Michigan, and other top tier institutions such as Michigan State and Grand Valley State. These are places where students are generating transformative business ideas using this technology, and they usually leave Michigan in favor of Texas, California, or New York, where either more friendly policy and or capital partners exist.” said Adam Zientarski, Policy Director for the Detroit Blockchain Center. “We’re thankful to Rep. Posthumus and his co-sponsors for doing everything they can to ensure Michigan is an attractive place for blockchain business investment and protecting the rights of millions of Michigan cryptocurrency holders. I strongly encourage Michigan’s congressional delegation to now do their part at the federal level.”