North Carolina’s House of Representatives has approved a bill to enable the state treasurer to invest public funds in approved cryptocurrencies. The Digital Assets Investment Act, or House Bill 92, was passed on April 30 with a 71 to 44 vote. Introduced by Republican House Speaker Destin Hall, the act allows the treasurer to allocate up to 5% of state investments into designated digital assets. A prerequisite for these investments includes obtaining a third-party assessment to ensure secure custody and compliance with risk oversight and regulatory standards. Furthermore, amendments allow exploration of investing options for retirement and compensation plans in digital assets through exchange-traded products. In addition, the House passed another bill, the State Investment Modernization Act, to form the North Carolina Investment Authority (NCIA) to manage investments, which would assume the treasurer’s authority to invest in digital assets. This legislation marks North Carolina as the second state after Arizona to advance crypto investment legislation at a state level.

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