North Carolina House members approved legislation on Wednesday to allow the state treasurer to invest up to 5% of public funds — for retirement, education, transportation, general spending, and more — in cryptocurrencies and other digital assets.
The Raleigh News and Observer reports the North Carolina Digital Assets Investments Act, sponsored by 27 Republicans, applies to more than two dozen funds, including the state’s $129 billion pension plan covering firefighters, teachers, police officers and state employees. It calls for the North Carolina treasurer and the State Bureau of Investigation to study how seized digital assets could be used to establish a digital assets reserve. If enacted, the law also would permit the state treasury department to consider a retirement program through which state employees could choose to invest in cryptocurrencies.