PANews reported on May 1 that the North Carolina House of Representatives passed a bill by 71 votes to 44, allowing the state treasurer to invest public funds in approved cryptocurrencies. The bill, proposed by Republican House Speaker Destin Hall, allows up to 5% of state investments to be used for digital assets, but requires independent third-party assessments to ensure investment safety and compliance. The new amendment also allows for a study of the feasibility of retirement and deferred compensation plan members investing in digital assets in the form of exchange-traded products (ETPs). In addition, the House of Representatives also passed the State Investment Modernization Act, which plans to establish the North Carolina Investment Authority (NCIA) to take over the investment management responsibilities of the Secretary of the Treasury.