- North Carolina lawmakers proposed bills to allocate 5% of retirement funds to crypto investment.
- Representative Brenden Jones introduced the Investment Modernization Act bill.
Ever since Trump’s re-election, the crypto industry has been experiencing a huge shift in terms of regulation and adoption. After Trump signed an executive order to establish a crypto strategic reserve, several US states are stepping toward crypto adoption. On similar lines, Noth Carolina lawmakers introduced two bills to promote crypto investments.
North Carolina representative Brenden Jones filed the State Investment Modernization Act recently. Two parallel bills were introduced in the House and Senate this week to allocate a portion of retirement funds to crypto investment. “House Bill 506” was introduced on Monday in the House, and “Senate Bill 709” was filed on Tuesday in the Senate.
The lawmakers of the state propose digital asset investment using 5% of certain state retirement funds. Furthermore, the bill includes cryptocurrencies, stablecoins, and NFTs under digital assets. It didn’t impose any restrictions on market capitalization of the assets unlike other US crypto bills.
Furthermore, they also propose the establishment of an “Investment Authority” to assess the risks and benefits of crypto investments. It will operate independently but from the control of the State Treasurer. Lawmakers would like the Investment Authority to manage investments of different types of funds, including retirement funds.
North Carolina Expands Its Focus on Crypto Investment
Earlier this year, North Carolina lawmakers introduced two other bills to promote Bitcoin investment. They submitted House Bill 92 on February 10 to allow the State Treasurer to invest 10% of public funds in Bitcoin. The same proposal was introduced in Senate Bill 327, filed on March 18.
Crypto investment and the establishment of a crypto reserve have taken center stage for the past couple of months among US states. Several US states are in race to become pioneers in establishing Bitcoin reserves. With the anticipation of a clear regulatory framework combined with a Bitcoin strategic reserve creation, US states are ready to embrace the crypto industry.
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