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:

S.B. 680

North Carolina State House image via Shutterstock

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