North Carolina proposes $750B threshold for crypto tax use
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.
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.
You may also like
Elon Musk is lobbying lawmakers for driverless vehicles as focus returns to Tesla
Share link:In this post: Elon Musk is lobbying Congress to create a national regulatory framework for autonomous vehicles. Tesla plans to launch a driverless rideshare service in Austin on June 12 using its Full Self-Driving technology. Federal limits on AV deployment and a patchwork of state laws remain major hurdles for nationwide expansion.
South Africa’s plan to accommodate Musk’s Starlink has not gone down well at home
Share link:In this post: The South African government is under fire for proposing changes to its Black Economic Empowerment (BEE) laws. The government intends to adjust the laws in a way that would allow Elon Musk’s Starlink to operate without selling 30% equity to Black South Africans. Opposition parties, including BOSA and the EFF, have accused the government of making a “backdoor deal.”

Ethereum's 55% rally setup vs. Bitcoin sparks ‘altseason’ hopes
Trump's Memecoin Dinner Questioned by Top Democrat on House Judiciary Committee

Trending news
MoreCrypto prices
More








