Key Takeaways
- • North Carolina House Speaker Destin Hall filed House Bill 92 on February 10, 2025, proposing to allow the state treasurer to invest up to 10% of designated state funds into cryptocurrencies including Bitcoin, positioning it as his primary legislative priority.
- • The bill is co-sponsored by Republican Representatives Mike Schietzelt, Stephen Ross, and Mark Brody, with proponents arguing the legislation would enhance portfolio diversification, generate positive yields, and position North Carolina as a leader in blockchain technology adoption.
- • The cryptocurrency industry invested more than $100 million in 2024 to support Republican candidates and causes, providing context for the timing and political alignment of this state-level crypto investment push.
- • The proposed legislation, also referred to as the Digital Assets Investments Act, would require the State Treasurer to obtain independent third-party assessment confirming digital assets meet security and custody requirements before investment.
Summary
North Carolina House Speaker Destin Hall announced on February 10, 2025, that authorizing state cryptocurrency investments will be among his top legislative priorities. House Bill 92, filed Monday and carrying only Hall's name alongside co-sponsors Mike Schietzelt, Stephen Ross, and Mark Brody, would grant the state treasurer authority to allocate up to 10% of certain designated funds into digital assets such as Bitcoin. The focused sponsorship underscores the bill's importance; senior legislative leaders typically attach their names to only a handful of bills annually, making this crypto proposal a marquee initiative for the new House Speaker.
Hall framed the proposal as an opportunity for North Carolina to capitalize on broader technological shifts. "We are seeing a rapid shift towards embracing blockchain technology and digital assets across the United States," Hall stated. "Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation." Co-sponsor Schietzelt, a newly elected representative from northern Wake County, echoed this forward-looking rationale, noting that "blockchain technology, decentralized finance, and other innovations in the crypto space will shape our future in many new ways." Representative Ross emphasized portfolio strategy, arguing the bill would "enhance the diversity and potential returns of our portfolio, ensuring financial health and security for North Carolina."
The legislative push reflects significant cryptocurrency industry engagement in electoral politics. The sector invested more than $100 million in 2024 toward electing Republican presidential candidate Donald Trump and supporting GOP efforts to flip control of the U.S. Senate. The North Carolina Blockchain Initiative, a Washington-based advocacy group, publicly endorsed Speaker Hall's bill, signaling organized industry support for state-level crypto adoption policies.
The proposed Digital Assets Investments Act incorporates risk-management safeguards, requiring the State Treasurer to obtain independent third-party assessment before deploying capital into digital assets. Such assessments must confirm that proposed cryptocurrency holdings maintain secure custody solutions and meet other specified security and operational requirements. This requirement reflects institutional caution around cryptocurrency custody and asset protection—critical considerations for public pension and general fund investments.
Hall framed the proposal as an opportunity for North Carolina to capitalize on broader technological shifts. "We are seeing a rapid shift towards embracing blockchain technology and digital assets across the United States," Hall stated. "Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation." Co-sponsor Schietzelt, a newly elected representative from northern Wake County, echoed this forward-looking rationale, noting that "blockchain technology, decentralized finance, and other innovations in the crypto space will shape our future in many new ways." Representative Ross emphasized portfolio strategy, arguing the bill would "enhance the diversity and potential returns of our portfolio, ensuring financial health and security for North Carolina."
The legislative push reflects significant cryptocurrency industry engagement in electoral politics. The sector invested more than $100 million in 2024 toward electing Republican presidential candidate Donald Trump and supporting GOP efforts to flip control of the U.S. Senate. The North Carolina Blockchain Initiative, a Washington-based advocacy group, publicly endorsed Speaker Hall's bill, signaling organized industry support for state-level crypto adoption policies.
The proposed Digital Assets Investments Act incorporates risk-management safeguards, requiring the State Treasurer to obtain independent third-party assessment before deploying capital into digital assets. Such assessments must confirm that proposed cryptocurrency holdings maintain secure custody solutions and meet other specified security and operational requirements. This requirement reflects institutional caution around cryptocurrency custody and asset protection—critical considerations for public pension and general fund investments.
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