North Carolina lawmakers are set to vote on the NC Digital Assets Investments Act, which could allow the state to invest 5% of public funds in cryptocurrencies like Bitcoin. The bill has seen key changes since its initial proposal, including a reduced investment cap and increased scrutiny for crypto investments. With bipartisan support and concerns about volatility, the decision reflects a growing trend among states to consider digital assets in pension portfolios.
North Carolina lawmakers are gearing up for a significant vote on cryptocurrency investments within the state’s public funds this Wednesday. The proposed legislation, known as the NC Digital Assets Investments Act, has gained traction with backing from 27 Republican House members. It could enable the state treasury to allocate as much as 5% of its assets, including those related to retirement, education, and transportation, into digital currencies like Bitcoin.
Under the new legislation, more than two dozen funds are affected, notably the massive $129 billion pension plan for firefighters, teachers, police officers, and state employees. A notable change from the bill’s initial introduction is the requirement for a third-party consultant to evaluate any proposed crypto investments. Also, state officials will be tasked with exploring how seized digital assets may contribute to establishing a digital reserve.
