House committee substitute to the 1st edition makes the following changes. Removes defined terms private key and secure custody solution from GS 147-69.2E (investments in digital assets). Modifies the definition of exchange-trade product so that it includes a security covered under federal law that meets one of now three listed (was, four) requirements. Removes securities that are listed, or authorized for listing, on a national securities exchange or system, or on a tier or segment of the exchange or system, that has listing standards that the North Carolina Secretary of State, on its own initiative or on the basis of an application, determines by rule are substantially similar to the listing standards applicable to certain American security exchanges as an eligible exchange-traded product. Removes requirement that the State Treasurer only invest in digital assets with an average market capitalization over the preceding 12 months of at least $750 billion as determined by the Treasurer using a commercially reasonable method. Removes the requirement that the Treasurer use a secure custody solution if he chooses to internally manage any digital assets. Removes technical changes to GS 147-69.2(e). Makes other technical changes.
Bill Summaries: H92 (2025-2026 Session)
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Bill H 92 (2025-2026)Summary date: Mar 5 2025 - View summary
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Bill H 92 (2025-2026)Summary date: Feb 10 2025 - View summary
Adds new GS 147-69.2E (investments in digital assets). Defines digital asset as a virtual currency, cryptocurrency, native electronic asset, stablecoin, nonfungible token, or any other asset that is only digital and that confers economic, proprietary, or access rights or powers. Also defines exchange-traded product, private key, and secure custody solution. Authorizes the State Treasurer to invest the cash of the funds described in GS 147-69.1(b) (the General Fund, the Highway Fund, and the Highway Trust Fund) and GS 147-69.2(a) (40 specified funds) in an amount not to exceed 10% of the balance of the fund at the time of investment, in digital assets that are both: (1) an exchange-traded product and (2) the average market capitalization of the digital assets over the preceding 12 months is at least $750 billion as determined by the Treasurer using a commercially reasonable method. Requires the Treasurer to use a secure custody solution for any internally managed digital assets.
Narrows the Governor and Council of State’s authority to promulgate just rules under GS 147-69.1 (investments for the general fund and highway funds assets) to only those that are necessary (currently, rules and regulations necessary and appropriate) to implement the statute. Makes technical and conforming changes to account for digital asset investment authority under GS 147-69.1 and GS 147-69.2 (investments authorized for special fund held by State Treasurer).