house resolution no.119

Rep. Paquette offered the following resolution:

A resolution to declare June 2021 as Cryptocurrency Education Month in the state of Michigan.

Whereas, Cryptocurrencies are digital and decentralized currencies that are engineered to be more secure than credit and debit cards and more difficult to counterfeit than cash; and

Whereas, The first and most popular cryptocurrency, Bitcoin, was established in 2009; and

Whereas, The Bitcoin white paper is open-sourced and accessible to all who seek it; and

Whereas, Bitcoin is a convergence of four technologies: peer-to-peer, proof of work algorithm, cryptographic security, and blockchain; and

Whereas, The growing popularity of Bitcoin has led to a proliferation of other cryptocurrencies like Ethereum, Cardano, Litecoin, and even Dogecoin; and

Whereas, Each cryptocurrency aims to bring value into the world, and, as that value is realized, the price of each cryptocurrency responds accordingly; and

Whereas, The open-sourced community is bringing financial services to those who do not or cannot get access traditional financial systems; and

Whereas, Major banks have been accused of discriminating against customers for political reasons by withholding services; and

Whereas, The accessibility and legitimacy of cryptocurrency has been increasing exponentially in recent years, as one can now use Bitcoin ATMs, buy and sell cryptocurrencies on mainstream trading services, and purchase goods and services with cryptocurrencies; and

Whereas, Financial literacy is lacking amongst a large portion of our populace and education in cryptocurrency would give people access to the future of finance; and

Whereas, Regulatory sentiment has been changing in the federal government whereby cryptocurrency is considered property to fit into a taxable regime; and

Whereas, Income made from cryptocurrencies are considered a capital gain and are subject to long-term or short-term capital gains taxes; and

Whereas, Cryptocurrency figures like Charles Hoskinson of Cardano and Ethereum, Michael Saylor of MicroStrategy, Cathie Wood of ARK Invest, Kevin O’Leary and Mark Cuban of Shark Tank, Elon Musk of Tesla and SpaceX, and many others who have emancipated themselves financially by breaking the bonds of the fiat system, have been able to help the organic growth of cryptocurrency over time; and

Whereas, In 2020, PayPal announced that it would allow its users to hold cryptocurrency in their accounts; and

Whereas, Financial institutions and publicly traded companies in the United States are starting to think of Bitcoin as a store of value rather than a currency; and

Whereas, In 2020 and 2021, publicly traded companies such as MicroStrategy, Mass Mutual, Square, Tesla, and more are implementing profit and loss strategies and balance sheet strategies regarding Bitcoin and their financial disclosures; and

Whereas, The city commission of Miami, Florida passed a resolution originated by Mayor Francis Suarez to direct the city manager to explore paying city employees and allowing residents to pay fees in Bitcoin; and

Whereas, NFL player Russell Okung received half of his salary in Bitcoin in 2020; and

Whereas, Cryptocurrencies are drivers of cultural change across the world, our country, and in Michigan; and

Whereas, Cryptocurrencies are gaining popularity and viability for an increasing number of Michiganders; now, therefore, be it

Resolved by the House of Representatives, That the members of this legislative body declare June 2021 as Cryptocurrency Education Month in the state of Michigan.