Digital Assets Legislation Advances in North Carolina, Now Heads to Senate for Discussion
Crypto Fever Hits North Carolina: House Bill 92 Passes Historic Vote
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Good day, mates! North Carolina's House of Representatives has taken a major leap forward in the world of digital assets, passing a bill that could pave the way for the state to invest in cryptocurrencies.
Enter the Digital Assets Investment Act, or HB92, that recently sailed through the House with a 71-44 vote. Introduced back in February, this revolutionary piece of legislation would allow the State Treasurer to delve into the digital asset realm by investing in qualified cryptocurrencies and considering their incorporation into state employee retirement plans.
The brains behind the bill? Republican House Speaker Destin Hall. The Treasurer's office will have the liberty to explore suitable investment strategies, determine contribution limits, and churn out educational materials explaining the risks associated with digital asset investments.
But that's not all. HB92 also suggests a feasibility study on setting up a state-run reserve for seized or forfeited crypto assets, to be overseen by the State Bureau of Investigation in collaboration with law enforcement.
Riding the Cryptocurrency Wave
While federal efforts to embrace crypto have been spearheaded by former President Donald Trump, individual states are sprinting to establish a foothold in the digital economy.
As a testament to this, a second measure, SB 327, also known as the "Bitcoin Reserve and Investment Act," was introduced in North Carolina on March 19. This bill aims to enable up to 10% of public funds to be allocated into Bitcoin, opening doors for staking, lending, and other yield-generating strategies.
Sponsored by Republican Senators Todd Johnson, Brad Overcash, and Timothy Moffitt, the bill heralds Bitcoin investment as a "financial innovation strategy" geared towards enriching the state's economic prowess. SB 327 has passed its first Senate reading and is now under the scrutiny of a committee, facing several hurdles before becoming law.
The Race for the Top Spot
North Carolina isn't the only state buzzing with crypto fever. Arizona, New Hampshire, and Texas are also considering Bitcoin reserve legislation, according to state crypto law tracker Bitcoin Laws. Multiple other states have proposals on the table, with some juggling multiple crypto bills at once.
However, not every state is experiencing the same momentum. Initiatives in Oklahoma, Montana, Pennsylvania, North Dakota, South Dakota, and Wyoming have failed to ignite general interest.
It's worth noting that the ambitions of North Carolina's HB92 have been slightly reigned in from the original plan. While an earlier version proposed digital asset investments of up to 10% of the fund's balance, the revised legislation now caps this at 5%.
So, buckle up! North Carolina could soon be setting the trend for public-sector crypto integration, balancing innovation with fiscal prudence. Stay tuned for updates on HB92's journey through the Senate!
Edited by Sebastian Sinclair
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[1]: Digital Asset Legislation - North Carolina HB 92 - Cointelegraph (www.cointelegraph.com)[2]: North Carolina House Bill 92 Could Put State on Path to Becoming a Crypto Hotbed - Coindesk (www.coindesk.com)[3]: Digital assets investment: North Carolina reaches key milestone - Cointelegraph (cointelegraph.com)[4]: North Carolina House Passes Bill Allowing State to Invest in Digital Assets - Decrypt (decrypt.co)[5]: North Carolina's Bitcoin Bill (SB 327) Introduced and More Bitcoin News - Cryptonews (cryptonews.com)
- The Digital Assets Investment Act, or HB92, permits the State Treasurer to delve into the cryptocurrency realm by investing in qualified digital assets and considering their incorporation into state employee retirement plans.
- HB92 also suggests a feasibility study on setting up a state-run reserve for seized or forfeited crypto assets.
- Republican House Speaker Destin Hall is the legislation's originator, and the Treasurer's office will have the liberty to explore suitable investment strategies and determine contribution limits.
- Besides HB92, another bill, SB 327, also known as the "Bitcoin Reserve and Investment Act," was introduced in North Carolina on March 19, aiming to enable up to 10% of public funds to be allocated into Bitcoin for staking, lending, and other yield-generating strategies.
- As federal efforts to embrace crypto have been spearheaded by former President Donald Trump, individual states are sprinting to establish a foothold in the digital economy.
- SB 327 heralds Bitcoin investment as a "financial innovation strategy" aimed at enriching the state's economic prowess.
- Other states such as Arizona, New Hampshire, and Texas are also considering Bitcoin reserve legislation, while initiatives in states like Oklahoma, Montana, Pennsylvania, North Dakota, South Dakota, and Wyoming have failed to ignite general interest.
