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Author Topic: 📜Cryptocurrencies in Criminal Law: Michigan📜  (Read 24 times)

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Offline Kriptolab

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The Michigan House of Representatives has passed a bill, HB 4102, on April 9 that would include cryptocurrencies in criminal codes regarding illegal actions for financial gain.

Michigan lawmakers have voted to introduce amendments to various sections of the Michigan Penal Code, specifying that cryptocurrency would be included in provisions relating to money laundering, embezzlement, credit card fraud and financial transactions involving the proceeds of a criminal offense.

The legislation also prohibits the collection of cryptocurrency or any currency for the fighting, baiting or shooting of an animal.

State Rep. Ryan Berman told the Detroit News that the bill was inspired by a case of a dog-fighting ring, wherein the organizer was prosecuted, but not individual participants, as they placed their bets using cryptocurrency, which was not expressly prohibited under the law.

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