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North Carolina’s House of Representatives has approved a major step toward embracing cryptocurrency by passing the Digital Assets Investment Act. The bill allows the state treasurer to invest up to five percent of public funds into approved cryptocurrencies. It passed on April 30 with a 71 to 44 vote and now moves to the Senate for further consideration.
The legislation includes strict conditions requiring third-party security assessments and regulatory compliance before any crypto investment is made. New amendments also let the treasurer explore offering digital asset investment options in retirement and compensation plans through exchange-traded products.
Lawmakers also backed the State Investment Modernization Act which passed with a strong 110 to 3 vote. This bill would create the North Carolina Investment Authority to take over state investments including digital assets. Treasurer Brad Briner has voiced support for both bills placing North Carolina among the few US states leading the charge in public crypto adoption.
