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Michigan House Wise to Shift Corporate Welfare Spending to Roads

The state House of Representatives recently cut funding for the Michigan Economic Development Corporation with the goal of freeing up money for roads. This reprioritization of spending is prudent, but it faces opposition in the state Senate. A good deal of empirical evidence supports the case that government economic development policies — otherwise known as corporate welfare — are ineffective at achieving their goals of faster economic growth, increased employment and greater...

Wyoming Banking Regs Squeeze Bitcoin Exchange Company

Coinbase, a bitcoin wallet and exchange service company with operations serving more than 2.5 million users in 190 countries, has announced the suspension of all operations in Wyoming as a result of state financial regulators’ interpretation of the Wyoming Money Transmitter Act. As state regulators currently interpret the law, exchanging Wyomingites’ fiat currency for bitcoins or depositing bitcoins in Coinbase “wallets” requires state financial licensure and the maintenance of a dedicated fiat...

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