Michigan lawmakers have introduced four crypto-related bills covering crypto mining, central bank digital currencies (CBDCs) and crypto in state retirement funds.

Republican state Representative Bill Schuette introduced House Bill 4510 on May 21, which would amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer, currently Rachael Eubanks, to invest in cryptocurrencies that have averaged a market cap above $250 million over the last calendar year.

Bitcoin (BTC) and Ether (ETH) are the only cryptocurrencies that currently meet that threshold. The bill adds that any cryptocurrencies must be held in the form of an exchange-traded product issued by a registered investment company.

A similar bill was introduced in February, permitting the state treasurer to allocate up to 10% of Michigan’s Budget Stabilization Fund into crypto.

Republican Representative Bryan Posthumus led the introduction of the second bipartisan crypto bill on May 21, HB 4511, which would prohibit Michigan from banning crypto or imposing licensing requirements on crypto holders. It would also prohibit state officials from advocating or supporting a proposed CBDC from the federal government.

The bill defines advocating or supporting a CBDC to involve issuing a memorandum or official statement endorsing a CBDC proposal related to its testing, adoption or implementation.

Source: Bitcoin Laws

Michigan to consider two crypto mining bills

HB 4512, the third crypto bill introduced by a bipartisan group led by Democratic Representative Mike McFall, would create a Bitcoin mining program allowing operators to set up at abandoned oil and gas sites. 

A supervisor would be assigned to determine how much oil or gas could reasonably be expected to be produced from the site, who the last operator of the site was and how long it has been left unused.

Related: US Senate moves forward with GENIUS stablecoin bill

Those seeking to participate in the program would need to submit legal documents outlining their organizational structure, demonstrate their ability to operate as a Bitcoin mining entity and provide estimates of the breakeven price for a profitable venture.

The fourth bill, HB 4513 — also filed by a McFall-led bipartisan group — would amend Michigan’s income tax laws to include income obtained from the proposed Bitcoin mining program.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight 

Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.

According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed amendment would come after 18 Democrats sided with Republicans in the Senate in voting to advance the bill on May 20 after it failed a procedural vote on May 8.

“Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” Merkley said in a May 22 X post.

Trump his three sons are involved in the crypto platform World Liberty Financial (WLFI), which launched its USD1 stablecoin in March. Critics have pointed out that the president could continue to personally benefit from legislation that helps recognize stablecoins like USD1 as financial instruments in the US. 

Related: US lawmaker introduces anti-corruption bill ahead of Trump’s dinner

An Abu Dhabi-based investment firm said that it would use USD1 to settle a $2-billion investment in Binance, effectively allowing the president’s family to profit from the transaction fees. Democratic lawmakers have already called for an investigation into Trump’s connections to the platform, which was largely dismissed as “flawed” by WLFI co-founder Zach Witkoff.

Stablecoins are just one of many potential conflicts, say Democrats

Merkley and Warren are also planning responses to Trump hosting a dinner at his golf club for up to 220 people who purchased the most significant amounts of his personal memecoin. Merkley is expected to attend a protest organized by the consumer advocacy group Public Citizen, in partnership with progressive political organization Our Revolution, outside the Trump venue on May 22. 

Warren held a press conference with Merkley, Senator Chris Murphy and Public Citizen representatives, calling on Trump to “release the guest list” for the dinner event. Though a few of the potential attendees have publicly announced they were the owners of the wallets who purchased the memecoin and intended to go, the majority were still anonymous at the time of publication.

“What is happening tonight — this private, secret dinner — in which individuals who have put money in Donald Trump’s pocket, get access to him, is maybe the most corrupt of all the corruption,” said Murphy, adding:

“They were able to pay their way in to get an audience with the President of the United States to ask for favorable national security concessions.”

Cointelegraph reached out to the White House for comment, but had not received a response at the time of publication.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

An American tourist in the United Kingdom was reportedly drugged by an individual posing as a taxi driver, who stole the tourist’s $123,000 in Bitcoin stored on a cell phone.

According to a report from My London, Jacob Irwin-Cline went out to a London bar and had several drinks before calling an Uber to take him home.

Cline said that he did not thoroughly check the details of the Uber ride on his phone and left with a random private cab driver resembling the Uber driver at first glance, but driving a different vehicle — a detail Cline would only discover after the incident.

Once inside the vehicle, the US tourist said the driver offered him a cigarette, which Cline said was likely laced with a rare and potent sedative drug called scopolamine. Cline added that the cigarette made him feel extremely docile and tired, causing him to pass out for around 30 minutes before regaining consciousness.

Shortly after Cline woke up, the driver ordered him out of the vehicle. As Cline exited, the driver suddenly sped off, striking him with the car and fleeing with his cellphone, which contained his private keys and access to his crypto accounts.

The unfortunate incident comes amid a recent spate of kidnappings, extortion incidents, armed robberies, and ransom attempts directed at crypto industry executives, investors, and their families.

Related: Chainalysis CEO offers a clue into recent spate of Paris crypto attacks

Crypto community members become the targets of violent crime

Several kidnapping incidents involving crypto investors, industry executives, and their families have occurred in May.

On May 3, the father of an unnamed crypto exchange owner was freed by French police after law enforcement officials raided the property where the individual was being held captive by organized criminals demanding a ransom for his release.

Shortly after that incident, the daughter and grandson of Pierre Noizat, the CEO of the Paymium crypto exchange, were the targets of an attempted kidnapping in Paris.

The incident occurred in broad daylight when the assailants attacked the family and attempted to force them into a parked vehicle. However, Noizat’s daughter and another individual were able to fight off the masked attackers.

The rise in violent attacks against crypto investors and professionals has prompted an increase in personal security, including requests for bodyguards and private security measures for those likely to be victimized.

Magazine: China’s ‘point running’ crypto scams, pig butchers kidnap kids: Asia Express