North Carolina Senate Committee Advances Bitcoin Bill

A legislative bill to include bitcoin and digital currency related business activities has advanced in the North Carolina Senate.

AccessTimeIconJul 14, 2015 at 10:20 p.m. UTC
Updated Sep 11, 2021 at 11:46 a.m. UTC

A legislative bill that would cover bitcoin and digital currency related business activities has advanced in the North Carolina Senate.

According to the The Associated Press, the Senate Commerce Committee gave its stamp of approval to SB 680, which was originally filed in March. The bill passed in the North Carolina House of Representatives by a wide majority of 117-1 in May.

As noted by a spokesperson for the North Carolina's Commissioner of Banks at the time, the bill – which amends the state's Money Transmitters Act – covers any activity "involving a personal, family or household purpose".

The bill was framed as an effort to make the agency's oversight of the digital currency sector more robust, as it believed existing statutes already outlined how it would go about supervising such activities.

If passed and signed by North Carolina Governor Pat McRory, the bill would mandate minimum net worth requirement of $250,000 for applicants. Businesses would also be required to post a surety bond of $150,000, an amount subject to change based on future transaction volume.

SB 680's primary sponsor is State Senator Rick Gunn. The House version of the bill submitted by State Representative Stephen M Ross, who also acts as a vice president and investment officer at Wells Fargo.

Notably, some senators reportedly took issue with the idea that digital currencies are not backed by any institution, according to the AP report.

The draft text of the bill can be found below:

North Carolina State House image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.