PANews reported on February 11 that according to Decrypt, North Carolina lawmakers proposed investing up to 10% of the state's public funds and retirement system funds in Bitcoin ETFs. The proposal was submitted by Congresswoman Deborah Ross (D-NC) on Monday. If approved, the state government may invest more than $10 billion in Bitcoin-related funds.

The bill does not mention Bitcoin directly, but requires investment in ETFs that track digital assets with a market value of at least $750 billion. Currently, the only crypto asset that meets this standard is Bitcoin.

North Carolina has actively promoted crypto-friendly legislation in recent years, and previously passed a bill prohibiting the state government from accepting central bank digital currency (CBDC) payments. However, some legislators in the state remain cautious about the crypto industry and have proposed banning or strictly regulating crypto mining in Henderson, Polk, Rutherford and other counties.

The bill allows state finance departments to invest directly in Bitcoin ETFs or manage them through third-party institutions, but third-party institutions are required to provide annual audited financial reports unless the finance department exempts this requirement based on a cost-benefit analysis.