North Carolina Speaker Introduces Digital Asset Investment Bill
On February 10, North Carolina Speaker of the House Destin Hall introduced the “NC Digital Assets Investments Act” (HB 92), a legislative proposal aimed at allowing the state treasurer to diversify public funds by investing in qualified digital assets.
Bitcoin ETPs: The Only Eligible Investment Option
Under the proposed bill, the state will invest in Bitcoin Exchange-Traded Products (ETPs). Only those digital assets with an average market capitalization of above $750 billion over a 12-month period may be considered for investment. Currently, no other cryptocurrency has such a high average market capitalization.
The bill also introduces an investment cap, stipulating that no state fund can invest more than 10 percent of its balance at the time of investment into Bitcoin ETPs.
Which Funds are Admissible for Investment
Upon passage, the law would provide the authority to invest state funds in Bitcoin ETPs, specifically for the following funds:
- Insurance Funds
- Pensions
- Veterans’ Funds
According to lawmakers, this investment would enable the state to hedge against inflation and the devaluation of the US dollar, potentially generating positive returns.
Technological Innovation is Being Led By North Carolina
Speaker Hall discussed the potential benefits of the program, stating:
“Investing in digital assets like Bitcoin not only offers the potential for positive returns but also positions North Carolina as a leader in technological innovation.”
Hall also posted on X (formerly Twitter), linking the bill to former President Donald Trump’s vision for a national Bitcoin stockpile, emphasizing the state’s commitment to leading in digital asset investment.
Co-sponsor of the bill, Mike Schietzelt, further added:
“Blockchain technology, decentralized finance, and other crypto innovations are shaping our future. North Carolina is ready to capitalize on these emerging opportunities.”
Growing National Trend of Crypto Investment Laws
HB 92 comes as 19 states in the U.S. have introduced cryptocurrency investment bills. While some states, such as Arizona and Utah, have forwarded their respective bills to the House committee, other states like North Dakota have rejected similar legislation.
On February 7, Montana introduced HB 429, a bill proposing the establishment of a “state special revenue account” for investments in digital assets and precious metals. As more states consider such legislative actions, North Carolina’s step may be a crucial catalyst in the growing trend of state-level digital asset investment policies.
Summary
The North Carolina Digital Assets Investments Act represents a significant step toward integrating Bitcoin into state investment plans. By positioning North Carolina at the forefront of digital asset adoption, the bill provides the authority for the state treasurer to invest in Bitcoin ETPs, with the potential for returns to public funds. As more states explore similar legislation, North Carolina’s initiative contributes to the increasing importance of cryptocurrencies in modern financial systems. If passed, this bill could set a significant precedent for other states seeking to diversify their portfolios with digital assets.
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