A couple of bills submitted to the state legislature of Michigan would make it a crime to illegally modify a blockchain record. One of two bills presented earlier this month by state representative Curt WanderWall adjustments the state’s penal code pertaining to people who makes, alters, forges or counterfeits a public record. Under the proposed legislation, this will be extended to an individual that accomplishes a violation.by editing a record made using distributed book technology.”. The legislation doesn’t offer any specific samples of what this means, nor is it clear what, exactly, spurred the creation of the bills. Another piece of legislation offered up this month in Michigan applies comparable changes for crimes involving credit cards.
Like the previous bill, it broadens the existing definition to cover the technology.inancial transaction device means any one of the following. Any instrument.or other means of access to credit accounts or deposit accounts, including throughout the use of cryptocurrency or distributed ledger technology.”. If passed, the amendatory acts of House Bills 6257 and 6258, both introduced June 12, would take effect 90 days after being enacted into law. Today, the state of Michigan has no specific regulations on cryptocurrencies.
However, guidance from the Michigan Department of Treasury back in a newsletter from November 2015 explains purchases of virtual currency&hellip, are not subject to sales or use tax.”. Additionally, Michigan State Attorney General, Bill Schuette, previously issued a consumer alert warning all residents that virtual currency carries a significant amount of real life risk.”. Police car image via Shutterstock. A leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.