North Carolina lawmakers propose bills to allocate up to 5% of pension funds’ balance to crypto

North Carolina has become the last US state to explore investment in cryptography for public pension funds, legislators with two bills to allow allowance up to 5% of certain digital asset groups.

Northern Carolina legislators have introduced two separate bills to allow an independent investment authority to invest up to 5% of certain pension funds in digital assets, including cryptocurrencies, stablescoins and NFT – provide that they use secure childcare solutions and assess the associated risks.

The first bill, House Bill 506was deposited by the representative Brenden Jones, while the second, Senate bill 709was submitted to the Senate. By submitting bills in both chambers, legislators increase the chances that at least one version adopts and will become the law.

The two bills aim to establish an “investment authority” which will independently operate on the state treasurer and to manage investments for various state pension funds.

This development is part of an increasing trend in which several American states adopt legislation to allow public pension funds to invest in digital assets, mainly indirectly – through negotiated funds on the stock market. Earlier this year, Indiana presented House Bill 1322allowing the pension funds managed by the State to invest in the approved bitcoin (BTC) ETF. About the same time, Kansas proposed legislation This would allow the pension system of public employees of Kansas to allocate up to 10% of its funds to products supported by Bitcoin, such as Spot Bitcoin ETF. Likewise, republican legislators in Florida Bills presented This would authorize the chief financial officer of the State to invest up to 10% of certain public funds, including pension funds, in BTC and other digital assets.

This trend extends beyond the United States, pension funds in other countries also increasing their exposure to cryptocurrencies. Australian pension funds have been adopted early, with self -managed retirement pension funds reinforcement Their cryptocurrency investments at $ 664 million by 2023. More recently, the Norwegian government’s pension fund also has indirectly In cryptocurrencies by acquiring actions in Microstrategy, Digital Marathon Holdings Coinbase and Block Inc. – which all hold on their balance sheets.