Source: Cointelegraph Original: "{title}"
Legislators in North Carolina have introduced bills in the House and Senate that could allow the state treasurer to allocate up to 5% of the state retirement fund to cryptocurrencies like Bitcoin.
The "Investment Modernization Act" (House Bill 506), proposed by Representative Brenden Jones on March 24, will establish an independent investment agency responsible for evaluating and selecting digital assets suitable for inclusion in the state retirement fund.
Correspondingly, the "State Investment Modernization Act" (Senate Bill 709) was introduced in the state Senate on March 25, with largely similar content.
The bill defines digital assets as including cryptocurrencies, stablecoins, non-fungible tokens (NFTs), or other assets that are essentially in electronic form, granting rights to economic value, ownership, or access.
Notably, the North Carolina bill does not set a market capitalization threshold for digital assets, which differs from other cryptocurrency bills that have become state law.
Source: Bitcoin Laws
The newly established agency—the North Carolina Investment Board—will be responsible for comprehensively assessing the risks and returns of each digital asset and ensuring that funds are held in secure custodial solutions.
Bitcoin legislation tracking organization Bitcoin Laws points out that House Bill 506 is not specifically aimed at Bitcoin reserves, as the bill does not mandate investment institutions to hold Bitcoin (BTC) or other digital assets long-term.
On March 18, North Carolina senators introduced the "Bitcoin Reserve and Investment Act" (Senate Bill 327), which requires the treasurer to allocate up to 10% of public funds specifically for Bitcoin investment.
This bill, proposed by Republicans Todd Johnson, Brad Overcash, and Timothy Moffitt, aims to strengthen North Carolina's economic position through Bitcoin investment, positioning it as part of a "financial innovation strategy."
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According to the bill, the treasurer must ensure that Bitcoin is stored in a multi-signature cold storage wallet and that BTC can only be liquidated during a "severe financial crisis" with two-thirds approval from the North Carolina General Assembly.
Additionally, the bill will establish a Bitcoin Economic Advisory Committee responsible for overseeing the management and operation of the reserves.
According to Bitcoin Law statistics, there are currently 41 Bitcoin reserve bills proposed at the state level across 23 states, with 35 of those bills still under consideration.
Earlier this month, U.S. President Donald Trump signed an executive order creating strategic Bitcoin reserves and digital asset reserves, which will initially use cryptocurrencies seized in government criminal cases.
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