MI SB0888

Creates the Blockchain and Cryptocurrency Commission within the Department of Treasury to investigate blockchain technology and the cryptocurrency industry and develop recommendations for fostering their expansion in Michigan.

Commission membership consists of 15 members including legislative appointees (8 from House and Senate leadership and committees), state officials (Attorney General, Treasury Director, Technology Director), industry representatives (3 from cryptocurrency companies/exchanges and blockchain businesses), and 2 additional cryptocurrency industry users appointed by the Governor.

Commission must examine blockchain feasibility for government and business use including government records, court proceedings, election systems, corporate records, and cryptocurrency as legal tender; also assess tax implications, consumer protection, environmental impact, and mining opportunities.

Requires commission to submit 2 separate reports to the legislature by December 1, 2022—one on blockchain and one on cryptocurrency—containing investigation results, master plan recommendations, and draft legislation to implement recommendations.

Commission members serve 2-year terms without compensation but may be reimbursed for expenses; must conduct meetings in compliance with the Open Meetings Act and Freedom of Information Act; requires 9 affirmative votes for any official action.