Michigan has become the latest US state to introduce a legislation proposing strategic investment in crypto, the 20th US state to do so.

Bryan Posthumus, a state representative, said Michigan "can and should join Texas in leading on crypto policy."

The proposed bill would allow Michigan's treasurer to invest in crypto from both the general fund and economic stabilization fund, but 'only' with a cap of 10 percent.

Interestingly, no hard limits or guidelines regarding which cryptocurrencies can be bought for the reserve have been specificed.