North Dakota Lawmakers Propose adding Digital Assets to State Treasury
The North Dakota lawmakers introduced a House Concurrent Resolution (HCR) on Jan. 7, urging the State Treasurer and the State Investment Board to consider including digital assets and precious metals in the state treasury’s portfolio as a hedge against inflation.
Sponsors of the Resolution
- Rep. Nathan Toman
- Rep. Matthew Heilman
- Rep. Jared Hendrix
- Rep. Daniel Johnston
- Rep. SuAnn Olson
- Rep. Todd Porter
- Sen. Jeff Barta
- Sen. Bob Paulson
The resolution covers the state general fund, budget stabilization fund, and legacy fund, aiming to safeguard the state’s financial resources against inflation and uncertainties by encouraging investments in digital assets and precious metals.
Transparency and Commitment
The resolution emphasizes transparency by directing the Secretary of State to provide copies of the proposal to the State Treasurer and members of the State Investment Board, showcasing the legislature’s dedication to creating a more diversified and resilient treasury.
Although the resolution does not mandate action, its introduction signifies a growing interest among state governments in exploring cryptocurrencies as viable components of public investment portfolios.
Recent Developments in Other States
New Hampshire State Representative Keith Ammon introduced legislation on Jan. 9 to incorporate digital assets into the state treasury, allowing for a potential allocation of up to $360 million in crypto.
The bill specifies that only cryptocurrencies with a market cap exceeding $500 billion on average over the past 12 months or stablecoins are eligible for investment, making Bitcoin (BTC) the primary crypto available for investment.
This legislation in New Hampshire mirrors the approach taken in North Dakota, where Bitcoin is not explicitly named in the bill.
According to Satoshi Action Fund CEO and co-founder Dennis Porter, who assisted in both projects, some states require “tech-neutral bills” that do not mention specific cryptocurrencies like Bitcoin.
North Dakota joins a growing list of states in the U.S. seeking to implement a strategic reserve plan for Bitcoin.
Similar Initiatives in Other States
In addition to New Hampshire and North Dakota, other states like Pennsylvania, Texas, Alabama, and Florida have also proposed or advocated for creating a Bitcoin strategic reserve or incorporating Bitcoin into state funds for strategic growth.
