North Carolina Speaker of the House Destin Hall and Representatives Stephen Ross, Mark Brody, and Mike Schietzelt introduced House Bill 92, the “NC Digital Assets Investments Act,” on Feb. 12. The bill, which was filed on Feb. 10, passed its first reading on Feb. 12 and was referred to the Committee on Commerce and Economic Development. If deemed favorable, it will advance to the Rules, Calendar, and Operations of the House.

The legislation proposes allowing the State Treasurer to invest in qualifying investments, a move that could integrate cryptocurrency, stablecoins, and other blockchain-based assets into North Carolina’s investment strategy. The bill outlines:

The State Treasurer may invest the cash of the funds … in digital assets that satisfy both of the following requirements.

“(1) The digital assets are an exchange-traded product. (2) The average market capitalization of the digital assets over the preceding 12 months is at least seven hundred fifty billion dollars ($750,000,000,000), as determined by the State Treasurer using a commercially reasonable method,” the bill describes.

Additionally, the bill details:

An investment in digital assets from any of these funds shall not exceed, in the aggregate, ten percent (10%) of the balance of the fund at the time of the investment.

To safeguard these investments, the bill mandates the use of a secure custody solution, requiring that “If the State Treasurer chooses to internally manage any digital assets, the State Treasurer shall use a secure custody solution.” Covered funds include the General Fund, Highway Trust Fund, Teachers’ and State Employees’ Retirement System, and other pension and insurance funds held by the State Treasurer.

If enacted, the State Treasurer will have the option to manage digital asset investments internally or through third-party investment managers with at least $100 million in assets under management. Investment companies must provide annual audited financial statements, unless waived based on a cost-benefit analysis. The bill also allows the Treasurer to enter indemnification agreements, limiting the state’s liability to the amount of investment. Supporters argue the measure modernizes North Carolina’s investment portfolio, while critics may raise concerns over volatility and regulatory uncertainty in the digital asset space.

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