Plan in bipartisan package approved in House vote

A proposal from state Rep. Diana Farrington protecting Michigan consumers by updating criminal definition in instances where money changes hands today was overwhelmingly approved in a House floor vote.

Farrington’s bill, House Bill 4107, amends the money laundering section of the Michigan Penal Code to include cryptocurrency as a potential element of crime.

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 Cryptocurrency is not officially recognized as a form of money, so loopholes have naturally arisen in outdated laws which specifically define a transfer of money in forms of crime.

“These bills update laws without forging any new penalties or crimes,” said Farrington, of Utica, who chairs the House Financial Services Committee. “We don’t want something to fall through the cracks with legal interpretation in situations with bad actors. We want to protect Michigan consumers. I’m pleased this proposal had such decisive support from my colleagues and I look forward to it moving through the Senate as well.”

HB 4107, along with five others in the bipartisan package, moves to the Senate for consideration. Farrington introduced similar legislation during the 2017-18 term and the plan moved through the House with a 108-0 vote.