MI HB5132

Prohibits Michigan governmental entities from restricting individuals or businesses from using convertible virtual currency for personal purchases, self-hosted wallet transactions, or as loan collateral

Exempts cryptocurrency transactions under $200 from state and local taxation and tax reporting requirements

Defines "convertible virtual currency" as any medium of exchange with equivalent value to currency or that substitutes for currency

Allows individuals who suffer losses from government violations of these protections to sue and recover triple their actual damages

Applies to all state agencies, local governments, school districts, and their officials