Michigan HB 4510 Retirement Fund Crypto Investment

Michigan House Bill 4510 is a pending 2025-2026 state bill that would amend the Public Employee Retirement System Investment Act to create a limited pathway for certain Michigan public retirement systems to obtain cryptocurrency exposure. As of June 11, 2026, the bill had not been enacted. The latest tracked House action was March 11, 2026, when the House read the bill a second time, adopted and amended the H-2 substitute, and placed the bill on third reading.

The measure is framed as a retirement-system investment bill, not a retail crypto bill. Its official title is “Retirement: other; investment in cryptocurrency by certain retirement funds; allow,” and it would add section 19c to 1965 PA 314, the Public Employee Retirement System Investment Act. The current H-2 framework, as summarized by retirement-industry coverage and bill trackers, would use portfolio limits and regulated exchange-traded products rather than direct, open-ended token purchases.

Key provisions of Michigan HB 4510

HB 4510 focuses on investment authority for retirement systems in which a state investment fiduciary controls the portfolio. The introduced version provided that, for a system in which the state treasurer is the investment fiduciary, the fiduciary “may invest” in cryptocurrency meeting a large-market-cap screen. The later H-2 substitute appears to refine that structure by referring to retirement systems for which the State of Michigan Investment Board is the investment fiduciary.

• Limited allocation authority. The H-2 substitute is described as allowing up to 5% of covered retirement-system assets to be invested in qualifying cryptocurrency.
• Market-cap screen. The bill uses a $250 billion average market-capitalization threshold measured over the previous calendar year, limiting eligibility to the largest digital assets at the time of review.
• Exchange-traded product route. Digital asset exposure would need to be held through exchange-traded products issued by registered investment companies, with the H-2 summary describing additional requirements tied to U.S. regulated exchanges and SEC or CFTC approval.
• Discretionary investment authority. The bill would authorize covered fiduciaries to evaluate qualifying exposure; it does not itself require a retirement system to purchase cryptocurrency.

Jurisdictional impact

If enacted, HB 4510 would place Michigan among the U.S. states considering statutory authority for public retirement-system exposure to digital assets. The proposal is narrower than a general state crypto reserve measure because it targets retirement-system investment authority and uses exchange-traded products as the vehicle. It also differs from consumer-facing digital asset bills because it does not create a licensing regime for crypto businesses or new rules for individual holders.

The bill’s practical effect would depend on future investment decisions, market eligibility at the time of purchase, and the fiduciary rules already governing Michigan public retirement systems. The House Fiscal Agency summary discussed in secondary coverage reportedly found no direct fiscal impact on state or local government, while noting that retirement-system financial effects would depend on investment decisions and returns.

Status and timeline

Representative Bill Schuette introduced HB 4510 on May 21, 2025, with bipartisan co-sponsors. The bill was first referred to the House Committee on Communications and Technology, then moved on September 18, 2025, to the Committee on Economic Competitiveness. On December 11, 2025, the committee reported the bill with recommendation and H-2 substitute language. On March 11, 2026, the House adopted and amended the H-2 substitute and placed the bill on third reading.

As of this profile’s verification date, no enacted date or effective date is available. Editors should re-check the Michigan Legislature bill page before publication because pending state legislation can change quickly through floor action, amendment, chamber passage, or adjournment.

Crypto law tracking relevance

For CryptoSlate’s legal-reference coverage, HB 4510 is best tracked under government crypto holdings, custody, and market-structure perimeter themes. It is relevant to institutional adoption debates because it addresses public retirement-system exposure, but the bill should not be read as investment guidance, a finding on token suitability, or a statement that any Michigan retirement system will purchase cryptocurrency.