Michigan Senate committee to establish the new Blockchain and Cryptocurrency Commission

Michigan Senate committee to establish the new Blockchain and Cryptocurrency Commission
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PEOPLE/Economy

Michigan Senate committee to establish the new Blockchain and Cryptocurrency Commission

Michigan Senate committee would establish the new Blockchain and Cryptocurrency Commission to coordinate the use of these technologies in the state.

05/13/2022

A bill being considered by a Michigan Senate committee would establish the new Blockchain and Cryptocurrency Commission to coordinate the use of these technologies in the state.

The Senate Economic and Small Business Development Committee heard testimony on the proposal on Thursday, according to the report.

Possibilities for cryptocurrency in Michigan are vast

Senate Majority Leader Mike Shirkey (R-Clarklake) stated that the possibilities for cryptocurrency in Michigan are vast.

“I can envision, frankly, long-term, with a little bit of ingenuity, really transforming the way Michigan is in terms of tax structure and competitiveness, both from a personal and commercial or company side,” Shirkey told the committee.

The commission would investigate the viability and impact of employing cryptocurrencies such as bitcoin in state government and commercial transactions.

According to Shirkey, recommendations might include changing tax or retirement policies.

“If we want to accelerate [cryptocurrency] adoption in Michigan, let’s start doing things like letting people put a small portion of their — voluntarily — a small portion of their pay in a bitcoin, they’ll naturally become more inquisitive, they’ll naturally follow it, they’ll naturally ask more questions,” he said.

Shirkey said that he hoped the group would look into ways Michigan law may help the bitcoin business.

The potential environmental impact of Michigan adopting bitcoin mining

During the conference, concerns were raised about the potential environmental impact of Michigan adopting bitcoin mining. That is the typically energy-intensive process of computers working together to decrypt a bitcoin code.

Some members of the committee suggested using farmland to construct a more energy-efficient mining method.

Bob Burnett owns a bitcoin mining company. He spoke in favor of the law. According to him, Michigan is well-positioned to embrace the industry.

“You’ve got a lot going for you here. You have abundant energy resources, excellent colleges, a pleasant climate, and many other advantages. So, I think if you put up your banner now, you’ll get a lot of attention,” Burnett stated.

He claims that other states, such as Texas and Wyoming, are already backing the Cryptocurrency industry.

By Elah Mae Ariate Wozinga Staff

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