On April 30, 2025, the North Carolina House passed a bill allowing the state treasurer to invest pension funds in digital assets.
State Treasurer Granted Authority to Invest in Crypto
House Bill 92 allows the North Carolina State Treasurer to allocate up to 5% of retirement funds into crypto. Initiated by primary sponsor Mike Schietzelt, the bill reflects legislative acceptance and would enable State Treasurer Brad Briner to diversify state funds into digital assets such as cryptocurrencies, NFTs, and stablecoins, though without obligation.
Mixed Reactions to Crypto Investment Authorization
The bill's passage was met with mixed reactions from lawmakers. Some, particularly Rep. Tracy Clark, expressed concerns about cryptocurrency volatility affecting retirement funds, describing it as akin to gambling with pensions. 'Investing in crypto would effectively represent gambling with state employees' retirement funds,' Clark stated.
North Carolina Follows Virginia's Crypto Investment Example
Similar efforts were observed in Fairfax County, Virginia, where smaller allocations in crypto strategies were initiated. North Carolina's actions might set a benchmark for larger public pension involvement in digital assets. Experts stress the importance of monitoring impacts, as past efforts highlighted both risks and diversification benefits.
The passage of House Bill 92 could mark a significant step in the fiscal strategies of public pension funds, opening new opportunities in the realm of digital assets.
