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MI HB6254
Bill
Status
12/5/2018
Primary Sponsor
Diana Farrington
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AI Summary
HB-6254 Summary
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Amends the Michigan Penal Code Section 411j to add "cryptocurrency" as a defined term in money laundering and financial crime statutes.
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Defines cryptocurrency as digital currency using encryption techniques to regulate unit generation and verify fund transfers, operating independently of a central bank.
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Expands the definition of "monetary instrument" to explicitly include cryptocurrency, making it subject to money laundering and financial transaction laws.
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Takes effect 90 days after enactment.
Legislative Description
Crimes; definitions; definition of cryptocurrency in money laundering definition section of penal code; provide for. Amends sec. 411j of 1931 PA 328 (MCL 750.411j).
Crimes: definitions
Last Action
Referred To Committee On Judiciary
12/6/2018