North Carolina Speaker of the House, Destin Hall has filed a bill that will see the state invest in digital assets. The lawmaker made the disclosure on Monday via his official X page.
According to the bill, the house is aiming to constitutionally support the state treasurer to use public funds for cryptocurrency investment. The NC Digital Assets Investments Act (HB 92) is targeted at permitting the treasurer to include crypto to the state’s investment portfolio.
Meanwhile, the newly introduced bill contains some key criteria to determine the kind of digital assets the state of North Carolina can invest in. As revealed, the selected asset(s) most compulsorily be an exchange-traded product.
Further, the product according to the stipulation of the bill must hold an average market capitalization of up to $750 billion in the last 12 months. Going by this categorization, only Bitcoin exchange-traded products fall into such a level.
Hence, there are strong indications that the state will invest in Bitcoin ETPs. By that, North Carolina is the latest state in the United States to float the idea of investing in Bitcoin with public funds.
Growing number of crypto investment bills in state legislatures
Since the emergence of President Donald Trump, more than 19 states in the US have proposed bills to invest in digital assets. So far, only North Dakota opposed the project, while Arizona and Utah have made significant progress.
Similarly, on February 7, the Montana state house introduced a bill to create a special account for digital assets investment. With the bill, Montana intends to approve a $50 million investment in a digital asset with a more than $750 billion market cap.
Insights by top North Carolina legislators
Meanwhile, notable lawmakers from North Carolina weighed on the bill, providing key insight into some of its provisions. Hall, a co-sponsor of the bill, said the move is an attempt to position the state as a leader in technological embracement.
The speaker went on to discuss how the legislation aligns with the vision of the new president, Trump for a national Bitcoin reserve. Similarly, another co-sponsor of the bill, Mike Schietzelt said North Carolina is poised to capitalize on emerging opportunities in the cryptocurrency sphere.
In addition, the legislator discussed how innovations like blockchain technology and decentralized finance can shape the future of the state in many ways. At the state house, most legislators agreed on the upsides of investing in digital assets.
The views of the regulators indicated that a potential passage is imminent, further gearing the emergence of the US as the hottest cryptocurrency hub at the moment.
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