North Dakota lawmakers push to add Bitcoin to state treasury

North Dakota lawmakers introduced a House Concurrent Resolution (HCR) on Jan. 7, encouraging the State Treasurer and the State Investment Board to include digital assets and precious metals in the state treasury’s portfolio to hedge against inflation.

Six Representatives and two Senators sponsor the HCR3001, all Republican: Rep. Nathan Toman, Rep. Matthew Heilman, Rep. Jared Hendrix, Rep. Daniel Johnston, Rep. SuAnn Olson, Rep. Todd Porter, Sen. Jeff Barta, and Sen. Bob Paulson.

The resolution includes the state general fund, budget stabilization fund, and legacy fund. Lawmakers aim to future-proof the state’s financial resources against inflation and other uncertainties by encouraging investments in digital assets and precious metals.

In a nod to transparency, the resolution directs the Secretary of State to forward copies of the proposal to the State Treasurer and members of the State Investment Board, emphasizing the legislature’s commitment to facilitating a more diversified and resilient treasury.

While the resolution does not mandate action, its introduction reflects growing interest among state governments in exploring crypto as viable components of public investment portfolios.

Two in a week

On Jan. 9, New Hampshire State Representative Keith Ammon introduced legislation to add digital assets to the state treasury. If approved, the treasury could allocate up to $360 million in crypto.

Notably, the bill only allows investment in crypto with a market cap above $500 billion on average over the past 12 months or stablecoins. This requirement makes Bitcoin ( BTC ) the only crypto available for investment.

The New Hampshire bill is similar to the North Dakota legislation, which avoids addressing Bitcoin by name. 

According to Satoshi Action Fund CEO and co-founder Dennis Porter , who aided both projects, explained that some US states require “tech-neutral bills” not allowing a mention of Bitcoin. 

The North Dakota bill adds to the list of US states trying to approve a Bitcoin strategic reserve plan. 

In addition to New Hampshire, Representative Mike Cabell introduced similar plans in Pennsylvania on Nov. 14, 2024, while Representative Giovanni Capriglione followed with a bill in Texas less than one month later.

Alabama’s State Auditor, Andrew Sorrell, recently proposed creating a BTC strategic reserve, and Florida Chief Financial Officer Jimmy Patronis advocated for the same decision.

Mentioned in this article