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Lawmakers in North Carolina have introduced new legislation that could pave the way for residents to use crypto assets for tax payments and other economic transactions. The proposal, titled the Digital Asset Freedom Act (H.B. 920), was filed by Representative Neal Jackson alongside two co-sponsors.
It aims to formally recognize cryptocurrencies as a valid medium of exchange and affirms that transactions involving digital assets should not be denied legal effect or enforceability solely due to their digital nature.
Details of the Digital Asset Bill
The bill outlines specific criteria that a digital asset must meet to be eligible for such use. According to the proposed legislation, only cryptocurrencies with a market capitalization of at least $750 billion and a minimum daily trading volume of $10 billion would qualify.
These thresholds are intended to ensure sufficient liquidity and market depth. Additionally, the bill mandates that qualifying digital assets must have been operating for at least 10 years, with a proven record of resistance to censorship and network security.
It also highlights the importance of decentralization, stating that the digital assets must not have been pre-mined or controlled by any central authority or small group of insiders.
The introduction of H.B. 920 reflects the growing interest in blockchain policy across the United States, particularly in states with leadership that aligns with the pro-crypto stance of President Donald Trump’s administration.
While the North Carolina bill does not mention specific cryptocurrencies by name, it indirectly aligns with the characteristics of Bitcoin, which meets most of the defined criteria.
Pro-Crypto Momentum Builds Across States
In a parallel development, New York Assemblyman Clyde Vanel recently proposed a similar piece of legislation, Assembly Bill A7788, which would allow state agencies to accept cryptocurrency for various payments, including fines, taxes, and fees.
The bill names Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable payment options. If passed, it would allow New York state offices to incorporate digital assets into their financial systems.
Assembly Bill A7788 also includes provisions for service fees to offset any costs incurred by the state during cryptocurrency payment processing. This reflects a pragmatic approach, ensuring the financial infrastructure can adapt to and manage these new types of payments.
The bill is currently under review by the Assembly Committee and may progress to the state Senate in the coming weeks. The legislative movements in North Carolina and New York suggest a broader trend of increasing state-level interest in blockchain technology.
As more jurisdictions explore integrating digital assets into public services, the conversation surrounding regulatory frameworks and infrastructure modernization is likely to gain momentum nationwide.
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