North Carolina legislators have introduced legislation allowing state treasurers to invest as much as 10% of their funds in Bitcoins (BTC) or other digital assets that meet certain criteria.
House Bill 92 is sponsored by Rep. Destin Hall, Mark Brody, and Steve Ross. It qualifies as a digital asset any cryptocurrency with a value of more than $750 billion in the twelve months prior to the investment.
This threshold, which is more than 2x greater than Ethereum (ETH)’s current market capitalization of $323,000,000, can only be met by Bitcoin.
Investments must also be done through exchange-traded products (ETPs).
Under the bill, North Carolina’s State Treasurer can invest in crypto through the General Fund, Highway Fund, and the 24 special funds under its supervision.
Digital asset managers must manage at least $100,000,000 in assets.
The 20 US States
North Carolina has become the 20th US State to adopt legislation regulating Bitcoin reserves. In the US, the number of states that have integrated digital assets into financial strategies is growing.
Montana’s House Bill 429 proposes a special revenue account for investments in precious metals, stablecoins, and digital assets, requiring a minimum market capitalization of $750 billion.
This bill requires that the assets are held either by an ETF or a custodian who is qualified. Up to $50 million from the state’s general fund can be allocated to this investment.
In Florida, a similar bill seeks to authorize the state’s Chief Financial Officer (CFO) to invest in Bitcoin, allocating up to 10% of public funds to the asset. Bitcoin is positioned as an inflation hedge in the legislation, with its historic appreciation and growing acceptance from sovereign countries and investment firms.
This law allows for the acceptance of Bitcoin by state agencies, while still requiring that contributions to general revenue funds be converted into US dollars.
Maryland, Iowa, Kentucky and other states have elected legislators Bills have been introduced in other states Integrate Bitcoin (BTC), as a reserve asset.
Kentucky House Bill 376, led by Representative TJ Rober, allows Bitcoin investment up to 10% excess funds of the state, permits digital asset payment, and prohibits central bank digital currency (CBDCs).
Maryland’s House Bill 1389, introduced by Representative Caylin Young, proposes a Maryland Bitcoin Reserve Fund, which gambling violation penalties would uniquely fund.
Meanwhile, Iowa’s House File 246, from Representative Taylor Collins, would enable the State Treasurer to invest in Bitcoin, stablecoins, and precious metals, with a 5% cap on public fund allocations.
Posted In: Bitcoin, Adoption, Crypto, Featured, Legislation, Macro Author 
Gino Matos
Gino Matos, a graduate of law and an experienced journalist with over six years experience in cryptography. Ses expertise is primarily focused on developments within the Brazilian Blockchain ecosystem, and in Decentralized Finance (DeFi).
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Assad Jafri
AJ has been a journalist for more than a decade, and he’s done it all over the world. Specialized in financial journalism and now focused on crypto-reporting.
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