North Carolina lawmakers have proposed twin bills in the House and Senate to allocate up to 5% of state retirement funds to crypto assets.
The Investment Modernization Act (House Bill 506), introduced by Representative Brenden Jones on March 24, seeks to establish an independent investment authority within the state Treasury.
This agency would assess which digital assets may be suitable for inclusion in retirement funds.
A matching bill, the State Investment Modernization Act (Senate Bill 709), was introduced in the Senate on March 25.
Both bills define digital assets as cryptocurrencies, stablecoins, non-fungible tokens (NFTs), or any other electronic assets that provide economic, proprietary, or access rights.
Unlike other crypto legislation, these bills do not set market cap criteria for digital assets. The newly formed North Carolina Investment Authority would be responsible for evaluating the risk and reward of each digital asset and ensuring secure custody solutions.
Bitcoin Laws, a Bitcoin legislation tracker, noted that House Bill 506 is not a Bitcoin reserve bill. It does not require the investment authority to hold Bitcoin or any other digital asset long-term.
In a separate move, North Carolina senators introduced the Bitcoin Reserve and Investment Act (Senate Bill 327).
This bill calls for allocating up to 10% of public funds specifically into Bitcoin. The legislation, backed by Republicans Todd Johnson, Brad Overcash, and Timothy Moffitt, aims to use Bitcoin investment as a financial strategy to boost the state’s economy.
It mandates storing Bitcoin in a multi-signature cold storage wallet and allows liquidation only in a severe financial crisis with two-thirds approval from the General Assembly.
The bill would also establish a Bitcoin Economic Advisory Board to manage the reserve. 41 Bitcoin reserve bills have been introduced in 23 states, with 35 still active.
Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile.
These reserves will initially contain cryptocurrencies forfeited in criminal cases.
