The proposed bill establishes a framework for the issuance of gold and silver specie, as well as a digital currency called "Michcoin," which is backed by these precious metals. It creates the Michigan bullion depository within the Department of Treasury, which will manage the bullion and specie, and outlines the responsibilities of the state treasurer in overseeing their issuance and ensuring their use as legal tender. The bill also allows the state treasurer to contract with private vendors for the digital currency's establishment and the creation of a digital wallet. Additionally, it specifies the creation of a pooled depository account to hold the gold and silver, which will back the digital currency, and details the processes for issuance, redemption, and fee structures.

Moreover, the bill amends existing law regarding the disclosure of depository account information, allowing for the sharing of account details with vendors providing services to the depository. It mandates the state treasurer to submit an annual report on the depository's status and operations to legislative leaders and committees. The legislation also outlines the criteria for employing law enforcement officers as depository security officers, ensuring they comply with the Michigan commission on law enforcement standards act. These officers will be responsible for enforcing depository policies and maintaining security, emphasizing the importance of proper training and licensure.