The Senate Economic and Small Business Development Committee heard testimony on legislation creating a commission to study blockchain and cryptocurrency in Michigan. Introduced by Senate Democratic Leader Jim Ananich (D-Flint), the bill creates the commission membership and outlines their duties, including studying and developing recommendations for the state to foster and expand the industries in Michigan. Membership on the commission, would include individuals appointed by the four legislative leaders, those working in the industry, individuals from higher education institutions, certain department directors or their designees, plus more.
During the hearing, members appeared to be quite supportive of the idea, especially getting the state to participate as a way to draw investment and economic development. There were some concerns, mostly around consumer protections and environmental impacts. They did not vote on the bill, and it remains before the committee for further consideration.
To read the overview of the bill by the nonpartisan Senate Fiscal Agency, please click here.
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