Raleigh, N.C. — April 30, 2025 — North Carolina is one step closer to allowing cryptocurrency investments within its state portfolio, as the House of Representatives voted 71–44 on Tuesday to pass the Digital Assets Investment Act (House Bill 92). The legislation now moves to the Senate, where its future remains uncertain.
Sponsored by House Speaker Destin Hall (R), the bill proposes granting the state treasurer authority to allocate up to 5% of state investments into select cryptocurrencies — but with stringent conditions attached.
Under the proposal, eligible digital assets must be offered as exchange-traded products (ETPs) and maintain an average market capitalization of at least $750 billion over the course of a year. The market cap assessment would be conducted by the treasurer using “commercially reasonable methods,” according to the bill’s language.
HB 92 also mandates that all cryptocurrency holdings be protected by secure custody solutions and validated by an impartial third-party review in order to strengthen oversight and security. Every investment must follow risk oversight procedures and regulatory compliance norms.
The measure has a noteworthy change that permits the treasurer to investigate the viability of providing cryptocurrency ETPs to participants in state retirement and deferred compensation plans. This could lead to a wider public interest in digital asset markets.
This isn’t the first time North Carolina lawmakers have signaled their interest in embracing cryptocurrency. Earlier this month, another bill was introduced seeking to permit the use of crypto assets for tax payments and other economic transactions, subject to similar eligibility requirements.
While Arizona currently leads in state-level crypto legislation, having passed two bills — SB 1025 and SB 1373 — through its House to create a Strategic Bitcoin Reserve, those measures await a final decision from Governor Katie Hobbs. North Carolina appears to be following closely behind in the legislative race to integrate digital assets into public finance.
As HB 92 now awaits debate in the North Carolina Senate, proponents argue the measure would modernize the state’s investment strategy, while critics remain cautious about the volatility and long-term reliability of crypto markets.
