Key Points
- North Carolina is considering a bill to legalize investment in digital currencies like Bitcoin.
- The bill, HB 92, is unique due to its introduction by powerful state leaders.
North Carolina is the latest state to consider allowing investments in digital currencies. Dan Spuller suggests this effort is distinct from others.
HB 92: A Unique Bill
Numerous states in the U.S. have proposed legislation to allow holding Bitcoin (BTC) as a strategic reserve. North Carolina has joined this trend with the proposal of HB 92.
This bill would let state legislators invest up to 10% of the state’s funds in exchange-traded products linked to digital assets with a market capitalization over $750 billion. It would also authorize Bitcoin investments for state-managed funds, including pensions for teachers and state employees, insurance funds, and veterans’ home trust funds.
Significant Support
What sets North Carolina’s bill apart is its introduction by Rep. Destin Hall, the Speaker of the NC House of Representatives. According to Dan Spuller, the Head of Industry Affairs at the Blockchain Association, Hall is one of North Carolina’s most influential leaders.
The bill is further supported by Representatives Mark Brody and Steve Ross, whom Spuller refers to as “longtime Bitcoin champions.” Spuller disclosed in a post in late January that he provided advice to North Carolina officials regarding the bill. He observed that the process was advancing swiftly and that the right stakeholders were coming together.
Spuller emphasized that this is not just a ‘messaging bill’ but a plan in action.
