North Carolina Senate Advances Bill to Create State Bitcoin Reserve
The measure now heads to the Senate Rules and Operations Committee for review.
Overview
- Senate Bill 327 would authorize the State Treasurer to allocate up to 10% of public funds to Bitcoin as a long-term reserve.
- The reserve would be held in multi-signature cold storage under a new custody unit within the Treasurer’s office.
- An expert advisory board, monthly audits, and quarterly public reports are mandated to oversee security, balances, and performance.
- Access to holdings would be limited to crises or legislatively approved projects, with any liquidation requiring two-thirds approval in both chambers.
- Purchases must occur on regulated U.S. exchanges, with exploration of state-supported mining and the option to use the reserve to back bonds.