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 portfolio to protect against inflation.
Six Representatives and two Senators are sponsoring HCR3001, all Republican: Representative Nathan Toman, Representative Matthew Heilman, Representative Jared Hendrix, Representative Daniel Johnston, Representative SuAnn Olson, Representative Todd Porter, Senator Jeff Barta, and Senator. Bob Paulson.
The resolution includes the State General Fund, the Fiscal Stabilization Fund and the 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 minister to forward copies of the proposal to the state treasury and members of the State Investment Board, underscoring the legislature’s commitment to facilitating a more diversified and resilient treasury .
While the resolution does not mandate any action, its introduction reflects growing interest among state governments in exploring crypto as viable components of public investment portfolios.
Two in a week
On January 9, New Hampshire State Representative Keith Ammon introduced legislation to add digital assets to state coffers. If approved, the Treasury could allocate up to $360 million in crypto.
Notably, the bill only allows investments in cryptocurrencies with a market capitalization averaging more than $500 billion over the past 12 months, or in stablecoins. This requirement makes Bitcoin (BTC) the only crypto available for investment.
The New Hampshire bill is similar to North Dakota legislation, which avoids addressing Bitcoin by name.
According to CEO and co-founder of Satoshi Action Fund, Dennis Porter, who helped both projects, he explained that some US states require “technology neutral bills” that do not allow the listing of Bitcoin.
The North Dakota bill joins the list of US states trying to pass a strategic backup plan for Bitcoin.
In addition to New Hampshire, Rep. Mike Cabell introduced similar plans in Pennsylvania on November 14, 2024, while Rep. Giovanni Capriglione followed with a bill in Texas less than a month later.
Andrew Sorrell, Alabama’s state auditor, recently proposed creation a strategic reserve of BTC, and Jimmy Patronis, Chief Financial Officer of Florida advocated for the same decision.
