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North Carolina Legislature Considers Adding Crypto to Retirement Plans
In a move that could have significant implications for the cryptocurrency market, the North Carolina Legislature is considering proposals that would enable state retirement funds to invest in cryptocurrencies. The bills aim to expand investment options and potentially boost the crypto market.
The initiative follows the introduction of the Bitcoin Reserve and Investment Act by North Carolina senators, urging the treasurer to allocate up to 10% of public funds into Bitcoin.
In a major development, the North Carolina Legislature has introduced two bills that would permit the inclusion of cryptocurrencies in state retirement and pension fund portfolios. This move mirrors a broader trend among U.S. states exploring the potential of digital assets to diversify and potentially enhance the returns of public investment funds.
House Bill 506, also known as the Investment Modernization Act, was introduced by Representative Brenden Jones on March 24. The bill seeks to establish an independent investment authority within the state Treasury to assess which digital assets could be integrated into state retirement funds. A companion bill, Senate Bill 709, or the State Investment Modernization Act, was introduced in the Senate on March 25.
The proposed legislation defines a digital asset as any cryptocurrency, stablecoin, non-fungible token (NFT), or any other electronically stored asset that grants financial, proprietary, or access privileges. Unlike crypto laws in other states that set a minimum market capitalization for digital assets to qualify for investment, North Carolina’s proposal does not include such a threshold.
The development has significant implications for the cryptocurrency market as it would allow state retirement funds to invest in a wider range of assets, potentially paving the way for greater institutional adoption. The move also highlights the growing acceptance of cryptocurrencies by governments and regulatory bodies worldwide.
As part of this trend, President Donald Trump signed an executive order earlier, which aims to establish a national Bitcoin reserve. This indicates a broader push toward integrating digital assets into government financial strategies under his administration.
It remains to be seen how the proposed legislation will unfold, but the sheer momentum behind institutional adoption and government acceptance could have significant implications for the cryptocurrency market moving forward.
Source: https://www.crypto-news-flash.com/north-carolina-legislature-considers-adding-crypto-to-retirement-plans/?utm_source=rss&utm_medium=rss&utm_campaign=north-carolina-legislature-considers-adding-crypto-to-retirement-plans
