TechFlow reported on March 26 that, according to The Block, lawmakers in North Carolina have introduced bills in both the House and Senate that would allow up to 5% of pension funds to be invested in crypto assets.
Representative Brenden Jones introduced the State Investment Modernization Act (HB 506) in the House on Monday, while a similar bill, Senate Bill 709 (SB 709), was introduced in the Senate on Tuesday. Both bills propose establishing an "Investment Management Authority" independent of the state Treasury Department to oversee investments, including multiple state retirement funds.
The legislation would allow the authority to allocate up to 5% of designated funds toward digital assets, including cryptocurrencies, stablecoins, or non-fungible tokens. The bills require that these crypto assets must be "maintained through secure custodial solutions" and that their risk-return profiles must be considered.
Earlier, North Carolina had introduced House Bill 92 in February and Senate Bill 327 in March, both aiming to authorize the state Treasury to invest in Bitcoin.
