NC House Passes Bill Regulating Crypto Banking, Stablecoins

A North Carolina House bill has passed to create a state regulatory framework for banks and credit unions offering cryptocurrency services. The 'NC Digital Asset and Stablecoin Act' allows these institutions to provide custody, staking, and transaction services while imposing licensing and oversight rules on payment stablecoin issuers.

The bill, sponsored by Reps. Allen Chesser, David Willis, Stephen Ross, and Mike Schietzelt, requires state-chartered financial institutions to maintain 100% reserves of digital assets owed to customers and undergo annual independent audits. It also includes consumer-protection provisions, such as written agreements with customers and disclosure that digital assets are not bank deposits.

The bill would also allow the state treasurer to hold, liquidate, or stake unclaimed digital assets. Treasurer Brad Briner said the measure reflects a need to update state banking policy as digital assets become more common.

Payment stablecoin issuers would be required to maintain reserves, redeem stablecoins at par value, disclose fees, and publish monthly reports. The framework would take effect on January 2027 or 120 days after federal regulators issue final regulations under the GENIUS Act.