North Carolina’s lawmakers have approved a proposal that could allow part of the state’s public funds to be invested in certain cryptocurrencies.
On April 30, the House of Representatives passed the Digital Assets Investment Act (House Bill 92) by a vote of 71 to 44. The bill will advance to the state Senate for further review.
The proposal, introduced in February by Republican House Speaker Destin Hall, would allow the state treasurer to invest up to 5% of North Carolina’s public funds in approved digital assets. However, a third-party review must first confirm that the cryptocurrency holdings will be kept securely and meet risk and regulatory standards.
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New changes to the bill would also allow the treasurer to study whether state employees with retirement plans should be allowed to invest in digital asset exchange-traded products (ETPs).
Additionally, the House also passed the State Investment Modernization Act (House Bill 506) with a vote of 110 to 3. This bill would create the North Carolina Investment Authority (NCIA), which would eventually take over the management of the state’s investments from the treasurer.
According to local news outlet NC Newsline, Treasurer Brad Briner supports both bills. He believes they would give the state more modern and flexible investment options.
Meanwhile, on April 21, Representative Nydia Velázquez of New York introduced a bill called the Fair Taxation of Digital Assets in Puerto Rico. What does it entail? Read the full story.
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