House Bill 4086

House Bill 4086 establishes a system for issuing gold and silver-based currency and digital currency, creates the Michigan Bullion Depository and a state-backed Stablecoin.

The full bill can be seen here:

The Michigan Bitcoin Trade Council is OPPOSING House Bill 4086.

Why?

The Michigan Bitcoin Trade Council opposes House Bill 4086 because there is no need for a state-backed Stablecoin. This is going to create a confusing bureaucratic process and makes the state an unnecessary middleman in the brokering of cryptocurrency and the buying of precious metals.

If a Michigan resident wants to buy precious metals, there are many brokers that they can buy from that are reputable. If a Michigan resident wants to buy cryptocurrency, they can buy Bitcoin through an exchange. There is no reason for the state to act as a middleman.

It is also dangerous to get government involved in the issuance of cryptocurrency considering it is the dream of many bureaucrats to enact a central bank digital currency (CBDC), which would eliminate monetary freedom as we know it. This legislation we fear could be a well-intentioned but unfortunate backdoor for a CBDC to form in Michigan.

This is why we do not support House Bill 4086 and encourage people to reach out to lawmakers to oppose the legislation.

Action Items

House Bill 4086 is in the House Communications and Technology Committee. Please call and email every member of the committee to explain to them the reasons why they should OPPOSE the passage of House Bill 4086.

House Communications and Technology Committee Leadership

Rep. Jaime Greene (Republican) District 65 - Chair
Phone: (517) 373-1775
Email: JaimeGreene@house.mi.gov

Rep. Tom Kunse (Republican) District 100 - Majority Vice Chair

Phone: (517) 373-7317

Email: TomKunse@house.mi.gov

Rep. Helena Scott (Democrat) District 8 - Minority Vice Chair

Phone: (517) 373-3815

Email: helenascott@house.mi.gov

House Communications and Technology Committee Membership

Rep. Pauline Wendzel (Republican) District 39

Phone: (517) 373-1799

Email: PaulineWendzel@house.mi.gov