North Carolina legislators have introduced a pair of bills that could pave the way for the state’s retirement funds to include cryptocurrency, including Bitcoin, as part of their investment portfolios.
Filed in both the House and Senate, the proposed legislation — titled the Investment Modernization Act (House Bill 506) and the State Investment Modernization Act (Senate Bill 709) — aims to modernize how the state handles long-term investment strategies.
Representative Brenden Jones introduced the House version on March 24, while the Senate version followed a day later.
The bills propose establishing an independent body under the state Treasury — the North Carolina Investment Authority — to evaluate and manage digital asset investments.
If approved, the authority could allocate up to 5% of various state pension funds into digital assets.
The term “digital assets” is broadly defined to include cryptocurrencies, stablecoins, NFTs, and other electronic assets that carry economic or proprietary rights.
Unlike other state-level crypto proposals, North Carolina’s bills do not impose a minimum market capitalization requirement for eligible assets.
However, any asset considered for investment must undergo a thorough risk and reward analysis, and the funds must be stored using secure custody solutions.
While the bills open the door to crypto investments, they stop short of mandating the state to hold Bitcoin or any specific asset long term.
Crypto policy tracker Bitcoin Laws emphasized on X that the proposal is not a “Bitcoin reserve bill,” noting its flexibility regarding asset selection.
NEW: North Carolina Bitcoin Investment Bill House Bill 506 would create a new independent NC Investment Authority headed by the Treasurer.
The NCIA would have authority to invest 5% of various state funds in digital assets. pic.twitter.com/YuYmI8YyY2
— Bitcoin Laws (@Bitcoin_Laws) March 25, 2025
Separately, North Carolina is also considering Senate Bill 327, the Bitcoin Reserve and Investment Act, introduced on March 18.
This bill proposes allocating up to 10% of public funds specifically into Bitcoin.
The BTC would be held in multi-signature cold storage wallets and could only be liquidated during a financial emergency, with approval from two-thirds of the General Assembly.
The bill also calls for the formation of a Bitcoin Economic Advisory Board.
41 Bitcoin Reserve Bills Emerge Across 23 States
North Carolina’s activity comes amid a growing wave of similar legislation nationwide. According to Bitcoin Laws, 41 Bitcoin reserve bills have been introduced in 23 states, with 35 still under consideration.
Just recently, Kentucky Governor Andy Beshear officially signed House Bill 701, known as the “Bitcoin Rights” bill, into law—making the state one of the latest to enact legislation protecting digital asset users and operations.
Other states are making similar moves. Oklahoma’s Strategic Bitcoin Reserve Act (HB 1203), introduced by Representative Cody Maynard, recently passed the House with a 77-15 vote and is awaiting a Senate decision.
According to Bitcoin Laws, Oklahoma now ranks alongside Texas in second place in the race to establish state-level Bitcoin reserves.
Missouri is also in the mix, with its Special Committee on Intergovernmental Affairs reviewing its own Bitcoin reserve proposal.
In a related development, two key Bitcoin bills in Arizona cleared the House Rules Committee on March 24.
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