US Lawmakers Push Crypto Forward: New Michigan Bills and Emmer’s Blockchain Proposal

State and federal lawmakers are driving significant changes in crypto regulation, aiming to clarify how digital assets fit into the American economy.

Recent bills in Michigan and Representatives Tom Emmer and Ritchie Torres’s Blockchain Regulatory proposal show a growing resolve among US policymakers to address the opportunities and challenges of digital assets.

Michigan’s Crypto Legislation: Investment, Rights, and Mining

Michigan lawmakers have introduced four new House Bills, representing a sweeping approach to crypto regulation.

HB 4510 would allow state retirement funds to invest in major cryptocurrencies, but only through regulated products like exchange-traded funds. Pension managers could add Bitcoin exposure if these vehicles meet strict oversight and market capitalization criteria. 

Additionally, HB 4511 would prohibit state and local authorities from restricting, licensing, or placing special taxes on digital assets purely based on their digital nature. Notably, the bill sets a firm boundary against central bank digital currencies, banning any state agency from advocating or supporting a US CBDC. This legislation establishes strong protections for holders, miners, and node operators, positioning Michigan as one of the most crypto-friendly states. 

HB 4512 proposes a partnership allowing Bitcoin miners to use abandoned oil or gas wells for energy, requiring miners to remediate environmental issues in exchange. The bill outlines procedures for well ownership transfers and ongoing progress tracking.

Furthermore, HB 4513 offers income tax deductions for miners participating in these remediation programs, encouraging restoration of former well sites. The legislation specifically targets Bitcoin miners involved in orphan well programs, as detailed in the text of House Bill 4513.

These initiatives promote cryptocurrency adoption and link digital asset growth with environmental and financial stewardship. As a result, Michigan is setting a powerful example for other US states to follow.

Washington’s Federal Push: The Blockchain Regulatory Certainty Act

While Michigan updates state laws, Congress is working to clarify cryptocurrency regulation nationally. The reintroduced Blockchain Regulatory Certainty Act tackles a long-standing question: who within the blockchain industry should face financial regulatory requirements?

As digital assets and decentralized finance systems evolve, uncertainty has affected developers and service providers. The Act intends to exempt those who develop blockchain technology or offer non-custodial services from being classified as “money transmitters.”

Only those directly holding or transferring consumer funds would fall under these regulations. This clear distinction aims to foster US-based blockchain development by reducing legal risk for creators and technology providers. 

“Today, @RepRitchie and I introduced the Blockchain Regulatory Certainty Act to protect blockchain developers and service providers that never custody consumer funds from unjust government prosecution,” US Representative Emmer wrote on X.

Supporters say that reducing ambiguity will discourage blockchain enterprises from leaving the US, though critics continue to raise concerns about oversight and potential risks.

“If we want to keep the next generation of builders in the United States, this kind of legal clarity is essential. We cannot afford to let outdated or misapplied regulations drive American talent and technology overseas,” Representative Ritchie Torres said.

In conclusion, Michigan’s legislative package blends digital asset growth with financial and environmental advantages, offering a playbook other states may consider. Meanwhile, federal efforts seek to bring order and simplicity to national cryptocurrency rules.