North Carolina lawmakers have introduced bills to the House and Senate, where state treasurers can allocate up to 5% of various state retirement funds to cryptocurrencies such as Bitcoin.
The Investment Modernization Act (House Bill 506), introduced by Representative Brenden-Jones on March 24, creates independent investment authority under the state's Treasury Department and determines which digital assets are suitable for inclusion in the state's retirement fund.
The same bill, the State Investment Modernization Act (Senate Bill 709), was introduced into the state Senate on March 25th.
The bill defines digital assets as cryptocurrency, stupid tokens (NFTs), or other assets that are economic, unique, or essentially electronic to grant access.
Unlike other crypto bills working on the law at the state level, North Carolina bills do not set a standard for market capitalization for digital assets.
Source: Bitcoin Law
However, newly created agents, known as the North Carolina Department of Investment, should carefully weigh the risk and compensation profiles of each digital asset, ensuring that the funds are maintained with a secure custody solution.
Bitcoin Law Tracker The Bitcoin Act pointed out that House Building 506 has not been drafted as a Bitcoin Reservation Bill in X.
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On March 18, North Carolina senators introduced the Bitcoin Reserve Investment Act (Senate Bill 327).
Introduced by Republicans Todd Johnson, Brad Overcache and Timothy Moffitt, the bill aims to utilize Bitcoin investment as a “financial innovation strategy” to strengthen North Carolina's economic position.
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Treasurer had to ensure that Bitcoin was stored in a multi-signature cold storage wallet, and with approval from two-thirds of the North Carolina Legislature, the BTC could only be liquidated during the “serious financial crisis.”
The bill also establishes the Bitcoin Economic Advisory Committee to oversee the management of the reserves.
According to Bitcoin law, 41 Bitcoin Reserve Bills have been introduced at the state level of 23 states, with 35 of these 41 bills remaining.
Earlier this month, US President Donald Trump signed an executive order to create strategic Bitcoin reserves and digital asset stockpiles.
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