North Carolina legislators are considering a proposal to invest public funds in Bitcoin exchange products.
bill, Submitted on Monday Rep. Deborah Ross (D-NC) is asking state treasurers to invest up to 10% of money from North Carolina's funds and retirement plans in Bitcoin ETP. This means that states can spend more than $10 billion on funds built around the world's oldest cryptocurrency.
The draft law does not refer to Bitcoin by name, but state accounts require that they invest in exchange-selling products that track digital assets with a minimum average market capitalization of $750 billion over the past 12 months.
At the time of writing, there is only one digital asset that fits the bill: Bitcoin
Last week, 12 states filed claims to invest public funds in digital assets such as Bitcoin and Stubcoin, as Montana, Maryland and Kentucky submitted such bills. It's there. The scope and depth of proposed investments will vary from state to state, but some will allow direct investments in cryptocurrencies, while some will even mention Bitcoin by name.
North Carolina has previously promoted pro-crypto bills through Congress. In 2023, the House passed a law prohibiting state government agencies from accepting central payments derived from central bank digital currency or CBDC. Native people.
However, not all North Carolina lawmakers support cryptocurrency. Lawmakers last year proposed legislation that would ban or introduce stricter regulations on digital asset mining in three parts of the state: Henderson, Polk, Rutherford County, Local News Outlet NC News Line It has been reported.
State treasurers may invest directly in Bitcoin exchange trade products or, according to the bill, rely on indirect third-party investment management arrangements.
In the latter case, the state is permitted to establish third-party investment management agreements with entities located both within and outside the United States. Investment companies must provide state treasurers with annual audited financial statements, unless the state treasurer waives the requirements after implementation. Cost-benefit analysis, the bill stipulates.
Edited by Andrew Hayward
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