North Carolina is considering bills that might allow up to 5% of retirement funds to be invested in cryptocurrencies. These initiatives could mark a significant step in financial innovation.
Investment Modernization Bills
On March 24, North Carolina's House introduced Bill 506, known as the 'Investment Modernization Act'. This bill aims to create an independent investment authority under the state's Treasury to determine which digital assets could be included in retirement funds. A similar bill, 709, was introduced in the Senate the following day. These documents do not set market cap criteria for digital assets, differentiating them from other crypto bills in the country.
North Carolina's Participation in Bitcoin Bill Race
On March 18, North Carolina senators introduced Bill 327, directing the treasurer to allocate up to 10% of public funds specifically into Bitcoin. This move is seen as a financial innovation strategy to strengthen the state's economic standing. A Bitcoin Economic Advisory Board will be created to oversee the management of the Bitcoin reserve.
Broad View and Other Initiatives
According to Bitcoin Law, 41 Bitcoin reserve bills have been introduced at the state level in 23 states, with 35 of those bills still active. Recently, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and Digital Asset Stockpile.
North Carolina's legislative initiatives could significantly impact the state's investment landscape, offering new opportunities for retirement funds and strengthening the region's economic position through financial innovation.
