North Carolina’s House Speaker, Destin Hall, has introduced a bill that could potentially pave the way for the state’s Treasurer to invest in select digital assets. This move makes North Carolina the latest in a series of U.S. states exploring similar legislative propositions.
Known as HB92, the bill seeks to broaden the state’s investment options by including cryptocurrency assets like Bitcoin. These assets are outlined as “exchange-traded products” that must have maintained an average market capitalization of no less than $750 billion over the trailing 12 months. At present, only Bitcoin fulfills this requirement.
Co-sponsored by Representatives Stephen Ross, Mark Brody, and Mike Schietzelt, the bill mandates that the crypto investment should not surpass 10% of the total fund balance.
“Investments in digital assets such as Bitcoin could yield positive returns for our state investment fund and further position North Carolina as a pioneer in technology adoption and innovation,” Hall stated in a Monday press release.
In a subsequent post, Hall asserted that the “North Carolina Digital Assets Investments Act” is in sync with former U.S. President Donald Trump’s vision for “a national bitcoin stockpile” and will ensure North Carolina takes a leading role at the state level.
Several other U.S. states, including Texas, Pennsylvania, Ohio, and Oklahoma, have introduced similar bills. Ever since former President Trump, a noted crypto enthusiast, took office, Bitcoin has emerged as a popular investment among U.S. lawmakers. As of now, Bitcoin has appreciated by 1.1% in the last 24 hours, trading at $98,351, according to data from The Block.
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