North Carolina's House Dives Deep into Crypto with New Investment Bill

Breaking News: House Bill 92 Passes with a Bang

Hold onto your hats, folks! North Carolina's House of Representatives just shook things up by passing a fiery crypto investment bill. This isn't just any bill; it's the Digital Assets Investment Act, or House Bill 92, and it's got the green light to let the state treasurer dive 5% of state funds into the wild world of cryptocurrencies!

The Journey of HB 92: From Introduction to Senate Showdown

Mark your calendars for April 30, when the House, with a decisive vote of 71 to 44, sent HB 92 roaring through its third reading. Now, it's off to the Senate, where it'll face the ultimate test before becoming law. Introduced back in February by none other than Republican House Speaker Destin Hall, this bill is all about giving government funds a digital makeover.

The Rules of the Crypto Game

But wait, there's more! Before the state treasurer can go all in on digital assets, there are some serious hoops to jump through. First off, the asset must be an exchange-traded product (ETP). Not just any ETP though; it's got to have a hefty average market cap of at least $750 billion over the past year. And who's checking? None other than the state treasurer themselves, using methods that are as commercially reasonable as they come.

Security and Compliance: No Room for Slacking

But that's not all. The state treasurer can only play the crypto game after getting a thumbs up from an independent third-party. They need to confirm that these digital assets are locked up tighter than Fort Knox. Plus, the crypto has to play by the rules, meeting all regulatory compliance standards and risk oversight like a pro.

Retirement Plans Get a Crypto Twist

Oh, and get this! Amendments to the bill now open the door for members of retirement and deferred compensation plans to opt into this crypto craze through ETPs. It's like giving your future a digital edge!

North Carolina's Crypto Ambition: More Than Just Investments

And if you thought that was it, think again. Earlier in April, North Carolina reps threw another curveball with a bill that would let you pay your taxes and do other economic transactions with crypto. It's like they're saying, "Crypto isn't just the future; it's now!"

The Race to Crypto Law: North Carolina vs. Arizona

While Arizona has been sprinting ahead, coming close to turning crypto bills into law, North Carolina is hot on their heels. Arizona's House just approved two bills on April 28, SB 1025 and SB 1373, aiming to set up a Strategic Bitcoin Reserve. But the final call rests with Governor Katie Hobbs. It's anyone's game now!