State Digital Asset Payments Study Act.

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 975

Short Title: State Digital Asset Payments Study Act. (Public)
Sponsors: Senators Theodros, Blue, and Lowe (Primary Sponsors).
Referred to: Rules and Operations of the Senate
May 4, 2026
*S975-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO DIRECT THE DEPARTMENT OF STATE TREASURER TO STUDY THE 2
ACCEPTANCE OF DIGITA L ASSET PAYMENTS FOR CERTAIN STATE FEES, TO 3
STUDY HOUSEHOLD REMITTANCE COSTS, AND TO APPROPRIATE FUNDS FOR 4
THE IMPLEMENTATION OF THESE STUDIES. 5
The General Assembly of North Carolina enacts: 6
SECTION 1. Short Title. – This act shall be known as the State Digital Asset 7
Payments Study Act. 8
SECTION 2. Definition. – In this act, "digital asset" means a fungible, 9
blockchain-based digital representation of value designed for use as a medium of exchange or 10
settlement instrument and capable of being transmitted, stored, or traded electronically. The term 11
does not include non-fungible tokens, digital collectibles, tokenized artwork, or any digital asset 12
primarily marketed or structured as a speculative investment or unique collectible item. The term 13
also does not include a central bank digital currency, as defined in G.S. 147-86.19(a). 14
SECTION 3. Legislative Findings and Purpose. – The General Assembly finds a ll 15
of the following: 16
(1) The State of North Carolina seeks to modernize government payment systems 17
while minimizing fiscal, cybersecurity, and operational risk. 18
(2) Certain digital assets and blockchain -based payment technologies are 19
supported by mature, regulated payment infrastructure. 20
(3) Evaluating digital asset payment technologies based on objective liquidity, 21
stability, and regulatory criteria is necessary to ensure responsible 22
policymaking. 23
(4) A significant number of North Carolina residents regula rly send money to 24
family members and dependents outside the United States. 25
(5) Remittance transactions often carry fees, foreign exchange spreads, and other 26
transaction costs that materially reduce the amount received by intended 27
recipients. 28
(6) These transaction costs operate as a recurring financial burden on working 29
households in North Carolina and reduce the effective value of wages earned 30
in this State. 31
(7) The cumulative impact of remittance fees represents a meaningful outflow of 32
household income fro m North Carolina communities, reducing disposable 33
income available for local spending, savings, and economic activity within the 34
State. 35
General Assembly Of North Carolina Session 2025
Page 2 Senate Bill 975-First Edition
The purpose of this act is to establish a two -part statewide study: (i) a study of the 1
acceptance of digital asset payments for certain State fees and (ii) a study of household remittance 2
costs and international payment mechanisms that may reduce transaction costs for North Carolina 3
residents, while maintaining appropriate consumer protections, financial stability, and regulatory 4
compliance. 5
SECTION 4.(a) State Fees Digital Asset Payments Study. – The Department of State 6
Treasurer shall conduct a comprehensive study to evaluate the feasibility, risks, and potential 7
benefits of accepting digital assets as a method of payment for selected State fees. In conducting 8
the study, the Department shall consult with relevant State agencies and constitutional officers 9
whose systems, oversight responsibilities, or regulatory authority may be implicated, including 10
the following: 11
(1) The Department of Information Technology, regarding cybersecurity 12
architecture and systems integration. 13
(2) The Office of the State Controller, regarding accounting, reconciliation, and 14
financial reporting systems. 15
(3) The Office of State Budget and Management, regarding fiscal impact analysis 16
and budgetary considerations. 17
(4) The Department of Justice, regarding legal compliance and regulatory 18
interpretation. 19
(5) State agencies that administer fee -based payment portals, including the 20
Division of Motor Vehicles of the Department of Transportation and the 21
Department of the Secretary of State. 22
SECTION 4.(b) Scope. – The study required by this section includes, at a minimum, 23
evaluation of the following: 24
(1) Operational and technological requirements for accepting digital asset 25
payments through third -party payment processors that immediately convert 26
digital assets into United States dollars. 27
(2) Cybersecurity, fraud-prevention, and transaction-monitoring considerations. 28
(3) Banking, settlement, and reconciliation im pacts, including the role of 29
federally and State-chartered financial institutions. 30
(4) Regulatory considerations under State and federal law, including anti -money 31
laundering, sanctions compliance, and consumer protection requirements. 32
(5) Criteria for determining which digital assets may be appropriate for potential 33
acceptance, including objective measures of liquidity, stability, and regulatory 34
status. 35
(6) The potential role of U.S. dollar -denominated, fully reserved stablecoins 36
issued by entities subject to regulatory oversight. 37
(7) Estimated implementation costs and potential administrative impacts. 38
The study shall prioritize evaluation of U.S. dollar -denominated, fully reserved 39
stablecoins issued by entities subject to regulatory oversight. In evalua ting digital assets, the 40
Department shall prioritize assets designed for payment functionality and price stability and shall 41
not evaluate digital collectibles or non-fungible tokens. 42
SECTION 4.(c) Limitations. – Nothing in this act does any of the following: 43
(1) Requires any State agency to accept digital assets. 44
(2) Authorizes any State agency to hold, invest in, or retain digital assets. 45
(3) Authorizes the State to directly custody, invest in, or speculate in digital 46
assets. 47
(4) Designates any digital asset as legal tender. 48
(5) Authorizes acceptance of digital assets for taxes or criminal fines. 49
SECTION 4.(d) Report. – The Department of State Treasurer shall submit a written 50
report to the Joint Legislative Oversight Committee on General Government and th e Fiscal 51
General Assembly Of North Carolina Session 2025
Senate Bill 975-First Edition Page 3
Research Division no later than January 15, 2027, summarizing findings and providing 1
recommendations regarding whether and under what conditions the State should consider 2
accepting digital assets for certain State fees. 3
SECTION 5.(a) International Payments and Household Remittance Study. – The 4
Department of State Treasurer, in consultation with the Office of the Commissioner of Banks, 5
shall conduct a comprehensive study of household remittance payments made by North Carolina 6
residents, including international and cross-border consumer payment systems. 7
SECTION 5.(b) Scope. – The study required by this section includes, at a minimum, 8
evaluation of the following: 9
(1) Average fees, foreign exchange spreads, and transaction costs incurred by 10
households using traditional remittance and money transfer services. 11
(2) Market structure and competition within the remittance and international 12
payments industry. 13
(3) Consumer protection, fraud risk, and financial crime considerations. 14
(4) Regulatory frameworks go verning cross -border payments under State and 15
federal law. 16
(5) The potential role of digital payment platforms, blockchain -based payment 17
systems, and distributed ledger technologies in reducing transaction costs. 18
(6) The potential role of U.S. dollar-denominated, fully reserved stablecoins and 19
other regulated digital settlement instruments. 20
(7) Financial inclusion impacts, including access for unbanked and underbanked 21
populations. 22
(8) Risks to financial stability, data security, privacy, and consumer safeguards. 23
SECTION 5.(c) Report. – The Department of State Treasurer shall submit a written 24
report to the Joint Legislative Oversight Committee on General Government and the Fiscal 25
Research Division summarizing the findings of this study and providing policy recommendations 26
regarding potential mechanisms to reduce household remittance costs for North Carolina 27
residents, consistent with consumer protection, financial stability, and regulatory compliance. 28
SECTION 6. Appropriation. – There is appropriated from th e General Fund to the 29
Department of State Treasurer the sum of fifty thousand dollars ($50,000) in nonrecurring funds 30
for the 2026-2027 fiscal year to implement the studies required by this act, including research, 31
interagency coordination, technical consu ltation, and preparation of the reports required under 32
this act. Funds appropriated pursuant to this section shall not be used to procure, purchase, hold, 33
invest in, or otherwise acquire digital assets. 34
SECTION 7. Effective Date. – This act is effective when it becomes law. 35