Northern Carolina legislators presented bills to the House and Senate which could see the State treasurer allocate up to 5% of the various state pension funds in cryptocurrencies such as Bitcoin.
The law on the modernization of investments (House Bill 506), presented by the representative Brenden Jones on March 24, would create an independent investment authority under the state treasury to determine which digital assets could agree to inclusion in state pension funds.
An identical bill, the law on the modernization of state investments (Bill 709 of the Senate), was presented to the State Senate on March 25.
The bills define a digital asset as a cryptocurrency, a stablecoin, a non-bubble (NFT) token or any other electronic asset which gives economic, owners or access rights.
North Carolina’s bills do not set the criteria for market capitalization for digital assets, unlike other Crypto bills that compete at the state level.
Source: Bitcoin laws
The newly created agency, nicknamed the North Carolina Investment Authority, should however carefully weigh the risk and reward profile of each digital asset and ensure that funds are maintained in a secure guard solution.
Bitcoin Legislation Tracker Bitcoin laws have noted on X that Bill 506 of the Chamber was not written as a Bitcoin reserve bill, because it does not impose the investment authority to hold Bitcoin (BTC) – or any digital active – in the long term.
North Carolina wants to enter Bitcoin Bill Race
On March 18, North Carolina Senators presented Bitcoin Reserve and Investment Act (Senate Bill 327), which called on the treasurer to allocate up to 10% of public funds specifically in Bitcoin.
The bill – presented by the Republicans Todd Johnson, Brad Overcash and Timothy Moffitt – aims to take advantage of Bitcoin’s investment as “financial innovation strategy” to strengthen the economic position of North Carolina.
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The treasurer should ensure that Bitcoin is stored in a multi-Signature cold storage portfolio, and the BTC could only be liquidated during a “severe financial crisis”, with the approval of two thirds of the North Carolina General Assembly.
The bill would also create an economic advisory advice from Bitcoin to supervise the management of the reserve.
According to Bitcoin law, 41 Bitcoin reserve invoices were presented at the level of the State in 23 states, and 35 of these 41 bills remain live.
Earlier this month, US President Donald Trump signed an executive decree to create a strategic bitcoin reserve and a stock of digital assets, which will initially use the confiscated cryptocurrency in government criminal affairs.
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