HB 4510 Michigan House · 2025-2026 Regular Session

Retirement: other; investment in cryptocurrency by certain retirement funds; allow. Amends 1965 PA 314 (MCL 38.1132 - 38.1141) by adding sec. 19c.

HB 4510 would allow Michigan's public employee retirement funds (managed by the state treasurer as investment fiduciary) to invest in cryptocurrency meeting strict criteria. The bill requires any cryptocurrency investment to have a minimum $250 billion average market capitalization over the previous year and must be held as exchange-traded products from registered investment companies. It applies only to retirement systems where the state treasurer acts as the investment fiduciary, not all funds. The bill adds this investment option without altering existing rules for other assets.

Bill status passed 3 of 5 stages cleared

Introduction

May 2025

Committee Review

Dec 2025

House Passage

Mar 2026

Senate Passage

Governor

Introduced May 21, 2025 Last action Mar 11, 2026

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What changed between versions

House Introduced Bill → Substitute (H-2) · 4 edits

MODERATE

The bill was amended to change the entity authorized to invest in cryptocurrency from the State Treasurer to the State of Michigan Investment Board. The amendment also adds a new requirement that the Investment Board must sell cryptocurrency if its market value drops below $250 billion, limits cryptocurrency investments to a maximum of 5% of system assets, and expands the legal definition of 'digital asset' to include stablecoins and non-fungible tokens.

Scope change

The scope of authority was narrowed and clarified by specifying the Michigan Investment Board as the sole investment fiduciary for these assets, replacing the State Treasurer.

ELIGIBILITY

Changed the authorized investment fiduciary from the State Treasurer to the State of Michigan Investment Board.

REQUIREMENT

Added a mandatory sell-off requirement if the cryptocurrency's market capitalization falls below $250 billion after investment.

Established a hard cap limiting cryptocurrency investments to no more than 5% of the system's total assets.

DEFINITION

Added a new definition for 'digital asset' that explicitly includes stablecoins and non-fungible tokens.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 11, 2026

Lower · Passed

substitute (H-2) adopted and amended

lower

Dec 11, 2025

Committee

referred to second reading

lower

Dec 11, 2025

Lower · Passed

reported with recommendation with substitute (H-2)

lower

Sep 18, 2025

Committee

referred to Committee on Economic Competitiveness

lower

Sep 18, 2025

Lower · Passed

motion to discharge committee approved

lower

May 21, 2025

Committee

referred to Committee on Communications and Technology

lower

May 21, 2025

Introduced

introduced by Representative Rep. Bill Schuette

lower

1 primary · 8 co-sponsors