North Carolina’s House passed a state bill that will allow the treasury to invest government funds into cryptocurrencies if it receives full approval, the result of a 71-44 vote. The bill is now en route to the Senate for further consideration, as reported by Cointelegraph.
The bill is called the Digital Assets Investment Act and went through its third reading on April 30th. This piece of legislation was initially proposed by Republican House Speaker Destin Hall. The bill, if passed into state law, will allow the treasurer to allocate 5% of the state’s investments into cryptocurrency.
These investments can only be made after obtaining an independent third-party assessment that confirms there is a custody solution and risk oversight, along with all regulatory compliance standards being met.
North Carolina remains second behind Arizona in the race to approve state legislation allowing investments in crypto. The North Carolina House passed another bill called the “State Modernization Act” on April 30th with a 110-3 vote.
Multiple states in the U.S. have crypto-friendly bills under consideration. Arizona has passed two crypto-friendly bills on April 28th, and is the only state where both the House and Senate have formally approved crypto-friendly bills, which are now due for a final decision by Governor Katie Hobbs.