The North Carolina House of Representatives has passed House Bill 92, the Digital Assets Investment Act, in a 71-44 vote on April 30, clearing the way for the legislation to proceed to the Senate.
The bill, introduced by Republican House Speaker Destin Hall in February, authorizes the state treasurer to allocate up to 5% of public investments into approved cryptocurrencies, provided an independent third-party assessment confirms secure custody, regulatory adherence, and proper risk management protocols.
Amendments to the bill also grant the treasurer authority to evaluate the feasibility of permitting retirement and deferred compensation plan participants to invest in digital assets via exchange-traded products (ETPs).
In a related development, the House passed House Bill 506, the State Investment Modernization Act, by an overwhelming 110-3 margin. This legislation proposes the creation of the North Carolina Investment Authority (NCIA) to assume investment management duties currently held by the treasurer.
