cWBTC (cwbtc) 
North Carolina Introduces Legislation to Invest State Funds in Digital Assets
A Growing Trend in Digital Currency Adoption
North Carolina has joined over a dozen U.S. states in introducing legislation to permit the holding of Bitcoin as a strategic reserve. The state’s latest effort, introduced through HB 92, stands out due to its unique backing and potential impact on the state’s financial landscape.
Key Provisions of the Bill
The proposed legislation would allow state lawmakers to invest up to 10% of the state’s funds into exchange-traded products tied to digital assets with a market capitalization exceeding $750 billion. Additionally, it authorizes Bitcoin investments for state-managed funds, including:
- Teachers’ and state employees’ pensions
- Insurance funds
- Veterans’ home trust funds
A Unique Approach to Digital Currency Adoption
According to Dan Spuller, Head of Industry Affairs at the Blockchain Association, North Carolina’s bill is distinct due to its introduction by Rep. Destin Hall, Speaker of the NC House of Representatives. Hall is described as “one of NC’s most powerful leaders.” The bill is co-sponsored by Representatives Mark Brody and Steve Ross, who are known as “longtime Bitcoin champions.”
“This won’t just be a ‘messaging bill’—it’s a plan in motion,”
Spuller revealed that he advised North Carolina officials on the bill, noting that the process was “moving quickly, and most importantly, the right stakeholders are aligning.”
The introduction of HB 92 demonstrates North Carolina’s willingness to explore the potential benefits of digital currencies and diversify its state funds. As the trend of cryptocurrency adoption continues to grow, it will be interesting to see how other states follow suit.
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