Michigan Bill Would Make It Illegal to Counterfeit Blockchain Data

A pair of bills submitted to Michigan's state legislature would make it a crime to illegally alter a blockchain record.

AccessTimeIconJun 13, 2018 at 4:30 p.m. UTC
Updated Sep 13, 2021 at 8:03 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A pair of bills submitted to Michigan's state legislature would make it a crime to illegally alter a blockchain record.

One of two bills presented earlier this month by state representative Curt WanderWall tweaks the state's penal code pertaining to those who "makes, alters, forges or counterfeits a public record." Under the proposed legislation, this would be extended to "a person that accomplishes a violation...by altering a record made utilizing distributed ledger technology."

The legislation doesn't offer any specific examples 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 similar changes for crimes involving credit cards. Like the previous bill, it extends an existing definition to cover the technology.

"'Financial transaction device' means any of the following...Any instrument...or other means of access to a credit account or deposit account including through the use of cryptocurrency or distributed ledger technology."

If passed, the amendatory acts of House Bill 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… are not subject to sales or use tax."

In addition, 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. 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.