On March 19, Republican Sens. Todd Johnson, Brad Overcash and Timothy Moffitt introduced Senate Bill 327 (SB327), which requires state accounts to allocate up to 10% of public funds to Bitcoin. The bill seeks to position North Carolina as a “leader in the adoption of state-level cryptocurrency.”
The bill encourages treasurers to ensure that Bitcoin is stored in multi-signature cold storage and audited monthly for transparency and security.
It also outlines that, subject to approval from two-thirds of the general meeting, Bitcoin holdings will be allowed only in the event of a “serious financial crisis.”
Moreover, the bill refers to the creation of the Bitcoin Economic Advisory Committee to provide guidance on the management of protected areas.
SB327 also has a lot to do with Bitcoin support investment. Allows accounting to engage in staking, lending, and other regulated yield-generating activities.
Not only that, the bill proposes setting up a Bitcoin mining business in North Carolina to increase state holdings at a low cost.
On March 6, President Donald Trump signed an executive order to establish a strategic Bitcoin Reserve at the federal level. Several states in the US are also considering doing the same at the state level.
In fact, North Carolina is one of 19 US states pursuing legislative measures to establish strategic Bitcoin reserves.
So far, 28 US states have proposed to establish strategic Bitcoin reserves, with 18 of them introducing the same law.
The corresponding bill reached the House of Representatives of 15 states, but in the early stages they encountered denials in five states. In four states, the bill was suspended after it was introduced.