North Carolina Introduces Bill to Invest in Bitcoin and Digital Assets
North Carolina has become the latest bill to introduce a bill that allows investment in digital assets such as Bitcoin (BTC).
House Bill 92, also known as the “Digital Asset Investment Act” was introduced on Monday. The bill is sponsored by Destin Hall, as well as Mark Brody and Steve Ross.
North Carolina pushes Bitcoin bills
The bill is granted to the state treasurer of North Carolina The power to allocate state funds to digital assets Comply strictly Safetymanagement and supervision standards.
“Investing in digital assets like Bitcoin has the potential to bring positive returns to our state investment funds explain In the statement.
The legislation defines “digital assets” as virtual currencies, cryptocurrencies, Stable,,,,, No infection token (NFTS)or any other digital asset that gives economic, proprietary or access rights.
“In the first 12 months, the average market capitalization of digital assets was at least $70 billion ($750,000,000,000), determined by the state finance director using a commercially reasonable approach,” bill Specified.
Bitcoin is the only cryptocurrency Meeting the $750 billion market capitalization threshold for the bill. According to beincrypto, Bitcoin The market value is US$1.95 trillion. By comparison, Ethereum (ETH)This is the second largest cryptocurrency, falling to $327.57 billion.
In addition to direct investment, the bill allows state finance officials to invest Digital Asset Exchange Products (ETP). These must be listed or authorized in reputable exchanges such as the New York Stock Exchange (NYSE) or the Nasdaq and meet strict safety standards.
The bill also limits Investment exposure. When investing, the total amount allocated to digital assets cannot exceed 10% of the fund balance.
In addition, the national treasurer has the right to invest more than 30 special funds, including retirement systems, health plans and other designated funds, to ensure that the investment is aligned with the specific purposes and needs of each fund.
“North Carolina has a reserve fund of about $9.6 billion and its retirement system has $127 billion. That means an investment of about $13.7 billion,” Bitcoin Law reveal On X (formerly Twitter).
North Carolina is not alone in exploring Bitcoin investment. Florida also proposes a second bill Housing Act 487allocate 10% of public funds to Bitcoin.
Meanwhile, more than 20 states are actively carrying out similar strategic Bitcoin reserve legislation. in, Utah is the most advanced. The bill has been passed by the state legislature and is now being considered in the state Senate. Arizona followsits bill passed the committee.
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