North Carolina Approves Crypto Investment Bill, Paving Way for Public Funds in Digital Assets
House Greenlights Up to 5% Allocation in Approved Cryptocurrencies
In a significant move toward modernizing its investment strategy, North Carolina’s House of Representatives has passed a bill permitting the state treasurer to invest public funds in cryptocurrencies. The Digital Assets Investment Act (HB 92) cleared the chamber on its third reading with a 71–44 vote on April 30, and now heads to the Senate for consideration.
The bill, introduced in February by Republican House Speaker Destin Hall, would authorize the treasurer to allocate up to 5% of the state’s investment portfolio into designated digital assets, pending stringent compliance measures. Third-party evaluations would be mandatory, ensuring proper custody, regulatory oversight, and risk management before any crypto investments are made.
Crypto in Retirement? Feasibility Study Underway
New amendments to HB 92 also direct the treasurer’s office to explore allowing members of retirement and deferred compensation plans to opt into exchange-traded crypto products (ETPs). This could potentially broaden crypto access to thousands of public employees — though for now, it remains under review.
On the same day, the House also passed the State Investment Modernization Act (HB 506) with overwhelming bipartisan support (110–3). This separate bill would establish the North Carolina Investment Authority (NCIA), a new entity that would eventually take over investment management duties from the treasurer.
Should HB 506 also pass the Senate, the power to invest in crypto would move from the treasurer to NCIA, subject to approval from its board of directors and third-party custodial assessments.
State Treasurer Brad Briner has publicly endorsed both bills, according to reporting by NC Newsline.
Arizona Leads, But North Carolina Gains Ground in Crypto Legislation
With this latest development, North Carolina is now second only to Arizona in the race to institutionalize crypto investments at the state level. On April 28, Arizona’s House approved two crypto reserve bills, SB 1025 and SB 1373, which now await the governor’s signature.
While Arizona remains the only state where both chambers have approved crypto legislation, North Carolina’s momentum signals growing bipartisan interest in integrating digital assets into public finance.
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