House passes cryptocurrency update to criminal code

Michigan
On_the_Money_Cryptocurrencies_and_Taxes_75105-159532.jpg40481822

FILE- In this Dec. 8, 2017, file photo, coins are displayed next to a Bitcoin ATM in Hong Kong. The IRS says that cryptocurrency transactions are taxable by law. That means people who made money (or lost it) on Bitcoin trades, “mined” Ethereum or even bought a cup of coffee with digital currency face potential […]

Michigan lawmakers voted to include cryptocurrency transactions in financial crimes.

The bills would include cryptocurrencies as illegal to use in animal fighting, racketeering, embezzling, counterfeiting records and money laundering.

The House voted 108 to 1 in favor of the proposals and sending the legislation to the Senate for consideration. The lone “nay” vote from the House is from Isaac Robinson.

This story will be updated as more information becomes available.

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