Retirement Funds in the U.S. State Can Flow into Cryptocurrencies: Bill Introduced! - Coin Bulletin

In North Carolina, lawmakers have proposed legislation to establish an investment authority that would allow retirement funds to invest 5% in cryptocurrencies.

In North Carolina, one of the U.S. states, a bill that will grant authorization to invest in cryptocurrencies has come from two different chambers. Representative Brenden Jones presented “House Bill 506,” known as the “State Investment Modernization Act” (State Investment Modernization Act) to the House of Representatives on Monday, and then a similar bill was introduced to the Senate on Tuesday.

Both bills aim to establish an "Investment Authority" that will be related to, but not under the control of, the Minister of State Treasury. This authority will have the authority to manage a wide range of funds, including various state pension funds.

These drafts allow the authority to invest up to 5% of the designated funds in digital assets, namely cryptocurrencies, stablecoins, or NFTs. Additionally, it is stated that cryptocurrency assets should be held with a secure storage solution and that the authority must consider the risk and return profile of these assets.

The introduction of these new legislative proposals follows a path established by previous bills presented on February 10 and March 18. Both bills aim to grant the Secretary of the Treasury the authority to make Bitcoin deposits. Bitcoin has become an investment vehicle among state legislators in America following Trump’s pro-crypto approach that began in January.