North Carolina H 92: NC Digital Assets Investments Act

H 92 would allow digital asset investment from “designated funds,” meaning the funds described in G.S. 147-69.1(b) and G.S. 147-69.2(a). The latest text does not command the State Treasurer, or any successor investment authority, to purchase digital assets. Instead, it would make digital assets an eligible investment category only after the statutory assessment process is satisfied.

The third edition would limit digital asset investments from any designated fund to 5% of that designated fund’s balance. Earlier summaries show that prior versions used different mechanics, including a 10% cap and exchange-traded-product limitations. The April 2025 committee substitute replaced that structure with the current 5% cap and assessment framework.

Before any covered investment, the bill would require an independent third-party consultant assessment. The assessment must address three points: whether the digital assets are maintained with a secure custody solution, whether the investment is appropriate from a total-portfolio perspective for the specific fund, and whether the control environment meets institutional standards for risk oversight, operational robustness, and regulatory compliance.

H 92 would require the Treasurer to examine whether members of the Supplemental Retirement Income Plan and the 457(b) Deferred Compensation Plan should be allowed to elect digital asset exposure through exchange-traded products. If the Treasurer finds the option appropriate and the Supplemental Retirement Board of Trustees agrees, the Treasurer and Board could adopt implementing rules. Those rules could identify investment vehicles, set any contribution maximum, and require educational materials covering digital asset basics and risks.

The bill also would direct the State Bureau of Investigation, working with the Treasurer and law enforcement agencies, to study whether North Carolina should establish a Digital Asset Reserve for seized and forfeited digital assets. The study would evaluate which agency should administer the reserve, how assets should be held, how seized or forfeited assets would be transferred into the reserve, and how sales could be timed to benefit the Civil Penalty and Forfeiture Fund and local boards of education. The text set a March 1, 2026 reporting deadline, but that deadline would need editor review because H 92 had not become law by that date.

H 92 is best classified as an in-committee bill, not enacted law. The House passed the measure on second and third readings on April 30, 2025, and the Senate referred it to Rules and Operations the following day. Because House Bill 506, the 2025 State Investment Modernization Act, later became Session Law 2025-6, the conditional language in H 92 is important. If H 92 were enacted in its current form, the bill would amend the investment provision to refer to the North Carolina Investment Authority and require Board of Directors approval based on the independent assessment. The bill states that it would become effective when it becomes law, so no effective date exists unless and until enactment occurs.