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North Carolina proposes $750B threshold for crypto tax use

North Carolina proposes $750B threshold for crypto tax use

GrafaGrafa2025/04/11 16:20
By:Liezl Gambe

North Carolina legislators have introduced a bill that would allow digital assets to be used for tax payments and other financial transactions, provided the assets meet strict criteria for market size, trading activity, and decentralisation.

Filed on Thursday by Representative Neal Jackson and two co-sponsors, House Bill 920, titled the Digital Asset Freedom Act, recognises certain cryptocurrencies as legitimate mediums of exchange.

“Digital assets are recognized as a valid medium of exchange in North Carolina,” the bill states.

“A transaction shall not be denied legal effect or enforceability solely because it uses a digital asset.”

To qualify under the proposal, a digital asset must have a market capitalisation of at least $750 billion and a minimum daily trading volume of $10 billion.

The bill also stipulates a minimum 10-year operational track record and requirements for decentralisation, including restrictions on pre-mining, insider allocations, or centralised control.

The text does not mention specific cryptocurrencies such as Bitcoin (CRYPTO:BTC), though the criteria suggest it targets assets with long-standing and broad market acceptance.

According to the bill, qualifying digital assets should operate on an open market and be resistant to censorship, reinforcing the emphasis on independence from central authorities or small governance groups.

The Digital Asset Freedom Act is the latest in a series of crypto-focused legislative initiatives in North Carolina.

It follows House Bill 506 and Senate Bill 709, which aim to allow up to 5% of state pension funds to be invested in cryptocurrencies.

Two earlier proposals, House Bill 92 and Senate Bill 327, seek to authorise the State Treasurer to invest directly in bitcoin.

These moves reflect increased legislative interest in digital assets under the administration of President Donald Trump, whose stance on crypto has drawn attention at both federal and state levels.

The bill is currently under review and awaits further legislative action.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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