Plan in bipartisan package approved by House Law and Justice Committee
A proposal from state Rep. Diana Farrington protecting Michigan consumers by expanding criminal definition in instances where money changes hands today was approved unanimously by the House Law and Justice Committee.
Farrington’s bill, House Bill 6254, amends the money laundering section of the Michigan Penal Code to include cryptocurrency as a potential element of crime. The proposal is one of six addressing digital currency in a bipartisan update to current laws.
Cryptocurrency first started to appear in the United States in the early 1990s, but its popularity has taken off due to a surge in online business and the ease and unregulated nature of exchange. Several major merchants across the country now accept digital forms of currency. Cryptocurrency is not officially recognized as a form of money, so loopholes have naturally arisen in outdated current laws which specifically define a transfer of money in forms of crime.
“These bills don’t create any new crimes or penalties, they merely update laws so we don’t have something fall through the cracks with legal interpretation in situations with bad actors,” said Farrington, of Utica. “This alternative form of currency is being used more frequently, and it is a priority of mine to look out for Michigan consumers.”
The six bills in the package, HBs 6253-58, move to the House for further consideration.