North Carolina 2025 Session Status: Passed House 13 R cosponsors

HB 1029 — NC Digital Asset and Stablecoin Act.

Last action — Regular Message Received From House

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill has passed the House. Introduced April 21, 2026. It now moves to the second chamber.

Next likely step: consideration and a floor vote in the Senate.

Odds of enactment

Moderate chance

Based on the sponsor, cosponsors, and committee posture, this bill has a moderate chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Advancing 58% · moderate confidence

  • Passed House

    Current position in the legislative process.

  • 13 sponsors

    3 primary, 10 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (13 R).

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

In plain language

The bill establishes a regulatory framework for digital assets and stablecoins in North Carolina.

This legislation creates rules for the use and oversight of digital assets and stablecoins in North Carolina. It aims to ensure a structured environment for these digital currencies.

Bill Text

What changed in the latest version

1335 added · 1370 removed

Plain-language change summary

The latest version of Bill HB 1029 has clarified the definitions of key terms related to digital assets, such as "customer," "digital asset," and "digital asset custody services." Notably, the new language specifies that digital assets remain the property of the customer and are protected from being claimed by the financial institution’s creditors. This change is important as it enhances consumer confidence in the safety and ownership of their digital assets when using financial institutions. It also establishes clear responsibilities for financial institutions in handling these digital assets, promoting greater transparency in the financial sector.

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GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2025 H 2 HOUSE BILL 1029 Committee Substitute Favorable 5/12/26 Short Title:
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2025 H 1 HOUSE BILL 1029 Short Title:
Representatives Chesser, Willis, Ross, and Schietzelt (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
April 22, 2026 A BILL TO BE ENTITLED AN ACT TO ENACT THE NORTH CAROLINA DIGITAL ASSET AND STABLECOIN ACT, AS RECOMMENDED BY THE HOUSE SELECT COMMITTEE ON BLOCKCHAIN AND DIGITAL ASSETS.
Commerceand EconomicDevelopment, iffavorable,Finance,if favorable, Rules, Calendar, and Operations of the House April 22, 2026 A BILL TO BE ENTITLED AN ACT TO ENACT THE NORTH CAROLINA DIGITAL ASSET AND STABLECOIN ACT, AS RECOMMENDED BY THE HOUSE SELECT COMMITTEE ON BLOCKCHAIN AND DIGITAL ASSETS.
(1) Control.
(1) Customer.
– A person has control if the person satisfies the requirements of G.S.
25-12-105.
(2) Custody of a digital asset.
– The legal relationship in which a financial institution holds digital assets on behalf of a customer as bailee or trustee by maintainingpossession orcontrol ofthe digital assets andanyassociatedkeys, such that the digital assets remain the property of the customer, are not assets or liabilities of the financial institution, and are not available to satisfy claims of the financial institution's creditors.
(3) Customer.
(4) Digital asset.
(2) Digital asset.
(5) Digital asset custody services.
(3) Digital asset custody services.
– The safekeeping, administration, or control of digital assets on behalf of customers by a financial institution, including any of the following:
– The safekeeping or custody of digital assets onbehalfofcustomersbyafinancialinstitution,includingmaintainingcontrol over the digital assets and any associated cryptographic keys.
a.
(4) Digital asset services.
Holding, controlling, or maintaining access to private keys necessary to transfer, encumber, or otherwise exercise control over digital assets belonging to or benefiting a customer.
b.
Maintaining digital assets in an omnibus, pooled, or segregated account structure on behalf of one or more customers.
*H1029-v-2* General Assembly Of North Carolina Session 2025 c.
Exercising control over digital assets through any technical protocol, smart contract, multi-signature arrangement, or contractual mechanism that functionally restricts or directs the disposition of a customer's digital assets.
(6) Digital asset services.
(7) Digital asset transaction services.
(5) Digital asset transaction services.
(8) Exercise of an act of ownership interest.
(6) Exercise of an act of ownership interest.
b.
*H1029-v-1* General Assembly Of North Carolina Session 2025 b.
(9) Fiduciary capacity.
(7) Fiduciary capacity.
(10) Financial institution.
(8) Financial institution.
(11) Keys.
(9) Keys.
(12) Non-fiduciary capacity.
(10) Non-fiduciary capacity.
(13) Regulating authority.
(11) Regulating authority.
(14) Slashing.
(12) Slashing.
(15) Staking.
(13) Staking.
(16) Staking rewards.
(14) Staking rewards.
(17) Subcustodian.
(15) Subcustodian.
(18) Wallet.
(16) Wallet.
Page 2 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 "§ 53-442.
"§ 53-442.
The regulating authority has the discretion to condition or limit the scope of a financial institution's authority to engage in fiduciary digital asset custody services and may impose any supervisory conditions deemed necessary to ensure the safety and soundness of the financial institution and the protection of customer assets.
The regulating authority has the discretion to condition or limit the scope of a financial institution's Page 2 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 authority to engage in fiduciary digital asset custody services and may impose any supervisory conditions deemed necessary to ensure the safety and soundness of the financial institution and the protection of customer assets.
A financial institution may segregate a customer's digital assets in a separate House Bill 1029-Second Edition Page 3 General Assembly Of North Carolina Session 2025 account or digital wallet upon a customer's request or as required by the custodial agreement or other law.
A financial institution may segregate a customer's digital assets in a separate account or digital wallet upon a customer's request or as required by the custodial agreement or other law.
– A financial institution engagingin digital asset custody services shall undergo an independent audit of its custodial activities and holdings at least once everyfiscal year.
– A financial institution engagingin digital asset custody services shall undergo an independent audit of its custodial activities and holdings at least once House Bill 1029-First Edition Page 3 General Assembly Of North Carolina Session 2025 everyfiscal year.
The financial institution shall provide the results of each annual audit to the regulating authority within five days of receiving the results and shall make the audit results available to its customers upon request.
The financial institution shall promptly provide the results of each annual audit to the regulating authority and shall make the audit results available to its customers upon request.
(3) A trust company or other company authorized under Article 24 of this Chapter.
(3) A money transmitter licensed under Article 16B of this Chapter.
(f) A financial institution shall only utilize a subcustodian that maintains insurance coveragesufficienttoprotectagainstthelossofdigitalassetsdueto cybersecuritybreaches,theft, Page 4 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 or other similar events.
(f) A financial institution shall only utilize a subcustodian that maintains insurance coveragesufficienttoprotectagainstthelossofdigitalassetsdueto cybersecuritybreaches,theft, or other similar events.
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All records relating to digital assets held in subcustody are subject to examination by the regulating authority to the same extent as records relating to digital assets held directly by the financial institution.
All records relatingto digital assets held in subcustody are subject to examination by the regulating authority to the same extent as records relating to digital assets held directly by the financial institution.
(b) Staking Services.
Page 4 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 (b) Staking Services.
The financial institution shall at all times retain control over the staked assets and maintain appropriate House Bill 1029-Second Edition Page 5 General Assembly Of North Carolina Session 2025 oversight of the staking process.
The financial institution shall at all times retain control over the staked assets and maintain appropriate oversight of the staking process.
Except as otherwise agreed in writing by the customer, the financial institution shall credit all net staking rewards, after the deduction of any disclosed fees, to the customer's account in the same type of digital asset that generated the rewards.
Except as otherwise agreed in writing by House Bill 1029-First Edition Page 5 General Assembly Of North Carolina Session 2025 the customer, the financial institution shall credit all net staking rewards, after the deduction of any disclosed fees, to the customer's account in the same type of digital asset that generated the rewards.
Page 6 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 (2) The transaction is executed in the exercise of discretionary investment authority granted to the financial institution under the governing fiduciary instrument or other law.
(2) The transaction is executed in the exercise of discretionary investment authority granted to the financial institution under the governing fiduciary instrument or other law.
– A financial institution shall facilitate digital asset transactions only with counterparties who are also authorized to engage in digital asset transaction services under this Article or other state or federal law.
– A financial institution shall facilitate digital asset transactions only with counterparties who are also authorized to engage in digital asset transaction services.
This delegation shall comply with the fiduciary responsibilities of the financial institution.
This delegation shall comply with the fiduciary Page 6 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 responsibilities of the financial institution.
House Bill 1029-Second Edition Page 7 General Assembly Of North Carolina Session 2025 (3) Appropriate risk-based procedures for conducting ongoing customer due diligence, including monitoring of customer transactions and updating customer information as necessary.
(3) Appropriate risk-based procedures for conducting ongoing customer due diligence, including monitoring of customer transactions and updating customer information as necessary.
– A financial institution shall implement and maintain a written cybersecurityprogram designed to ensure the securityof the financial institution's digital asset services systems and protect the confidentiality, integrity, and availability of customer digital assets and related information.
– A financial institution shall implement and maintain a written cybersecurityprogram designed to ensure the security of the financial institution's digital asset services systems and protect the confidentiality, integrity, and availability of customer digital assets and related information.
This notice shall provide a description of the incident and its likely impact on the financial institution and its customers, in accordance with any notification procedures prescribed by the regulating authority.
This notice shall provide a description of the incident and its likely House Bill 1029-First Edition Page 7 General Assembly Of North Carolina Session 2025 impact on the financial institution and its customers, in accordance with any notification procedures prescribed by the regulating authority.
– In addition to the powers under Chapters 53C and 54 of the General Statutes, the regulating authority may exercise the enforcement powers set forth in this section, if the regulating authority determines that a financial institution has done any of the following:
– The regulating authority may exercise the enforcement powers set forth in this section, if the regulating authority determines that a financial institution has done any of the following:
Page 8 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 (1) Violated any provision of this Article or rule adopted or order issued under it.
(1) Violated any provision of this Article or rule adopted or order issued under it.
(b) Temporary Emergency Orders.
(b) Corrective Action Orders.
– The regulating authority may issue a written order directing a financial institution to take specific corrective action to remedy any misconduct described in subsection (a) of this section.
The order shall state the grounds for issuance and the required remedial measures.
The financial institution shall, within 10 days of receiving the order, respond in writing to the regulating authority detailing the corrective actions taken or planned.
(c) Temporary Emergency Orders.
A financial institution subject to atemporaryemergencyorder shall be given the opportunity for an expedited hearing.
A financial institution subject to atemporaryemergencyorder Page 8 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 shall be given the opportunity for an expedited hearing.
A financial institution has 10 days after the issuance of a temporary emergency order to request a hearing.
Upon the financial institution's request, a hearing shall be held within 10 days after the issuance of the temporary emergency order to determine whether the order should be stayed, modified, or made permanent.
Upon receipt of the financial institution's request, a hearing shall be held within 10 days of the request to determine whether the order should be stayed, modified, or made permanent.
If no hearing is requested within the 10-day period, or if the financial institution fails to appear at the scheduled hearing, the temporary emergency order remains in effect until the regulating authority either lifts it or replaces it with a cease and desist order under subsection (d) of this section.
If no hearing is requested within the initial 10-day period, or if the financial institution fails to appear at the scheduled hearing, the temporary emergency order remains in effect until the regulating authority either lifts it or replaces it with a cease and desist order under subsection (c) of this section.
(d) Cease and Desist Orders.
(c) Cease and Desist Orders.
(d) Suspension or Revocation of Digital Asset Service Authority.
(e) Suspension or Revocation of Digital Asset Service Authority.
(e) Civil Penalty.
(f) Civil Penalty.
The regulating authority shall give writtennotice to the financial institutionoftheproposed civil penalty, identifyingthe misconduct and the amount of the penalty, and shall inform the financial institution of its right to request a hearing on the civil penalty in accordance with subsection (f) of this section.
The regulating authority shall give writtennotice to the financial institutionoftheproposed civil penalty, identifyingthe misconduct and the amount of the penalty, and shall inform the financial institution of its right to request a hearing on the civil penalty in accordance with subsection (g) of this section.
(f) Hearing and Appeal Rights.
(g) Hearing and Appeal Rights.
The financial institution may present evidence and argument at the hearing, House Bill 1029-Second Edition Page 9 General Assembly Of North Carolina Session 2025 and the regulating authority shall issue a written final decision or order based on the record of the proceeding.
The financial institution may present evidence and argument at the hearing, and the regulating authority shall issue a written final decision or order based on the record of the proceeding.
… (2a) "Digital asset" is as defined in G.S.
… House Bill 1029-First Edition Page 9 General Assembly Of North Carolina Session 2025 (2a) "Digital asset" is as defined in G.S.
Page 10 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 c.
c.
(a1) A holder of property that is presumed abandoned and that is either (i) a security or other equity interest in a business association, including a security entitlement under Article 8 of Chapter 25 of the General Statutes, that is valued at twenty-five dollars ($25.00) or more or (ii) property, other than a security or other equity interest in a business association, including a security entitlement under Article 8 of Chapter 25 of the General Statutes, that is valued at fifty dollars ($50.00) or more shall send written notice by first-class mail to the apparent owner not more than 120 days or less than 60 days before filing the report required by this Article.
(a1) A holder of property that is presumed abandoned and that is either (i) a security or other equity interest in a business association, including a security entitlement under Article 8 of Chapter 25 of the General Statutes, that is valued at twenty-five dollars ($25.00) or more or (ii) Page 10 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 property, other than a security or other equity interest in a business association, including a security entitlement under Article 8 of Chapter 25 of the General Statutes, that is valued at fifty dollars ($50.00) or more shall send written notice by first-class mail to the apparent owner not more than 120 days or less than 60 days before filing the report required by this Article.
Notwithstanding any third-party authorization, the holder bears responsibilityfor a failure to complywith this section.The holder shall send notice byone or both of the following methods:
Notwithstanding any third-party authorization, the holder bears responsibility for a failure to comply with this section.
(1) If the holder, in the regular course of business, sends physical mail to the apparent owner, sending written notice by first-class mail to the apparent owner's last known mailing address.
(a2) A holder of property held in a digital asset account that is presumed abandoned under G.S.
(2) If the holder, in the regular course of business, sends electronic communications to the apparent owner, sending notice by email, push notification, text message, or other electronic communication method to the apparent owner at the electronic address or through the communication channel maintained in the holder's records for the apparent owner.
116B-53(c)(15a) and that is valued at twenty-five dollars ($25.00) or more shall send notice to theapparent ownernot morethan120days orlessthan60days beforefilingthereportrequired by this Article.
Theholdershallexercisereasonablecaretoascertainthatthenoticeisdirectedtotheapparent owner's correct address, whether physical or electronic, and shall maintain a record of the notice, regardless of how the notice is delivered.
The holder shall send notice by one or both of the following methods:
(1) Sending notice by electronic mail, push notification, text message, or other electronic communication method to the apparent owner at the electronic address or through the communication channel maintained in the holder's records for the apparent owner.
(2) If the holder, in the regular course of business, sends physical mail to the apparent owner, sending written notice by mail to the apparent owner's last known mailing address.
Theholdershallexercisereasonablecaretoascertainthatthenoticeisdirectedtotheapparent owner's correct address, whether physical or electronic.
(c) The written A notice to apparent owners required under this section must contain all of the following:
(c) The A written notice to apparent owners required under this section must contain all of the following:
(2) Thename, address, andcontact information ofthe personholdingthe property and any necessary information regarding changes of name and address of the holder.
(2) Thename, address, and contact information ofthe personholdingthe property and any necessary information regarding changes of name and address of the holder.
(4) A statement that, once property is placed in the custody of the Treasurer, all interest, dividends, income, and gains earned on the property will remain with House Bill 1029-Second Edition Page 11 General Assembly Of North Carolina Session 2025 the Treasurer, even if the owner subsequently reclaims the property from the Treasurer.
(4) A statement that, once property is placed in the custody of the Treasurer, all interest, dividends, income, and gains earned on the property will remain with the Treasurer, even if the owner subsequently reclaims the property from the Treasurer.
(b) For amounts due to the apparent owner of property of the value of fifty dollars ($50.00) twenty-five dollars ($25.00) or more, more and for any amount due to the apparent owner of property subject to G.S.
House Bill 1029-First Edition Page 11 General Assembly Of North Carolina Session 2025 (b) For amounts due to the apparent owner of property of the value of fifty dollars ($50.00) or more, the report must be verified and must contain the following, if known by the holder:
116B-53(c)(4), (5), (5a), or (15a), the report must be verified and must contain the following, if known by the holder:
116B-53(c)(4), 116B-53(c)(5), and 116B-53(c)(5a), G.S.
116B-53(c)(4), 116B-53(c)(5), and 116B-53(c)(5a), and 116B-53(c)(15a), amounts due an apparent owner less than fifty dollars ($50.00) may be reported in an aggregate amount without furnishing any of the information required by subsection (b) of this section.
116B-53(c)(4), (5), (5a), or (15a), amounts due an apparent owner less than fifty dollars ($50.00) twenty-five dollars ($25.00) may be reported in an aggregate amount without furnishing any of the information required by subsection (b) of this section.
116B-60.
116B-60 and, if the digital asset account contains digital assets and the holder has the necessary private key or other means required to transfer the digital assets, shall deliver the digital assets in their native form to a qualified custodian designated by the Treasurer.
If the digital asset account contains digital assets and the holder has the necessary private key or other means required to transfer the digital assets, the holder shall deliver the digital assets in their native form to a qualified custodian designated by the Treasurer.
(b) If the holder does not have the necessaryprivate key or is otherwise unable to transfer the digital assets to the qualified custodian, the holder shall maintain the digital assets until the Page 12 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 necessary key becomes available or the holder is otherwise able to transfer the digital assets to the qualified custodian.
(b) If the holder does not have the necessaryprivate key or is otherwise unable to transfer the digital assets to the qualified custodian, the holder shall maintain the digital assets until the necessary key becomes available or the holder is otherwise able to transfer the digital assets to the qualified custodian.
If the holder later transfers the digital assets to the Treasurer, the holder shall report the digital assets in subsequent reports filed under G.S.
The holder shall notify the Treasurer that it is maintaining the digital assets pursuant to this subsection and shall report the digital assets in each subsequent report filed under G.S.
116B-60.
116B-60 until delivery is completed.
The Treasurer is not liable for any loss, income, or gain for digital assets liquidated under this subsection.
116B-63." SECTION 1.(g) Article 4 of Chapter 116B of the General Statutes is amended by adding a new section to read:
116B-63." SECTION 1.(g) G.S.
"§ 116B-61.2.
Staking of unclaimed digital assets.
(a) The Treasurer may stake digital assets held pursuant to this Article on one or more blockchain networks, subject to both of the following conditions:
(1) The Treasurer shall maintain sufficient unstaked reserves of each digital asset type to satisfy claims from apparent owners presenting proof of ownership, taking into account any applicable lock-up or unbonding periods.
(2) If an apparent owner makes a valid claim while the claimed digital assets are staked and subject to a lock-up or unbonding period, the Treasurer shall notify the claimant of the lock-up or unbonding period and shall promptly transfer the digital assets or their equivalent value at the end of the period.
(b) All rewards, yield, or other benefits earned from staking under this section shall accrue to the benefit of the State." SECTION 1.(h) G.S.
"§ 116B-65.
Page 12 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 "§ 116B-65.
No sale shall occur before the expiration of the holding period.
Nothing in this subsection requires the Treasurer to liquidate digital assets upon the conclusion of the three-year holding period.
After the expiration of the three-year holding period, a person making a claim is entitled to receive the digital assets, if they still remain in the custody of the Treasurer, or the net proceeds received from a sale, less any fees and expenses incurred in the sale." SECTION 1.(i) G.S.
After the expiration of the three-year holding period, a person making a claim is entitled to receive the digital assets, if they still remain in the custody of the Treasurer, or the net proceeds received from a sale, less any fees and expenses incurred in the sale." SECTION 1.(h) Holders are not required to report or deliver digital assets under Article 4 of Chapter 116B of the General Statutes until the first reporting cycle beginning on or after 18 months after this act becomes law.
36F-2(10) reads as rewritten:
"(10) Digital asset.
– An electronic record in which an individual has a right or interest.
The term does not include an underlying asset or liability unless the asset or liability is itself an electronic record.
This term does not include a digital asset, as defined in G.S.
53-441." House Bill 1029-Second Edition Page 13 General Assembly Of North Carolina Session 2025 SECTION 1.(j) Holders shall not report or deliver digital assets under Article 4 of Chapter 116B of the General Statutes until the first reporting cycle beginning on or after 18 months after this act becomes law.
116B-53(c)(15a) shall include all digital assets that would have been presumed abandoned during the 10-year period immediately preceding the effective date of subsections (b) through (h) of this section, as if G.S.
116B-53(c)(15a) shall include all digital assets that would have been presumed abandoned during the 10-year period immediately preceding the effective date of subsections (b) through (g) of this section, as if G.S.
SECTION 1.(k) Subsections (b) through (h) of this section become effective on or after 18 months after this act becomes law.
SECTION 1.(i) Subsections (b) through (g) of this section become effective on or after 18 months after this act becomes law.
(3) Control.
(3) Digital asset.
– A person has control of a stablecoin if the person satisfies the requirements of G.S.
25-12-105.
(4) Custody of digital assets.
(5) Digital asset.
(4) Eligible reserve assets.
– Defined in G.S.
53-441.
(6) Eligible reserve assets.
d.
House Bill 1029-First Edition Page 13 General Assembly Of North Carolina Session 2025 d.
(7) Foreign entity.
(5) Foreign entity.
(8) GENIUS Act.
(6) GENIUS Act.
(9) Licensed stablecoin issuer.
(7) Licensed stablecoin issuer.
Page 14 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 (10) Payment stablecoin.
(8) Payment stablecoin.
(11) Payment stablecoin issuer.
(9) Payment stablecoin issuer.
(12) Permitted payment stablecoin issuer.
(10) Permitted payment stablecoin issuer.
(13) Person.
(11) Person.
(14) Primary federal payment stablecoin regulator.
(12) Primary federal payment stablecoin regulator.
(15) Principal office.
(13) Principal office.
AStatetrust companyauthorized under this subsectionshall comply, on a continuing basis, with every operational, reserve, disclosure, redemption, and consumer protection requirement of this Article and the rules adopted under it as though it were a licensed stablecoin issuer.
AStatetrust companyauthorized under this subsectionshall comply, on a continuing basis, with every operational, reserve, disclosure, redemption, and consumer protection requirement of this Article and the rules adopted under it as though it were Page 14 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 a licensed stablecoin issuer.
– The Commissioner may, upon application, authorize a State chartered insured depository institution or State chartered House Bill 1029-Second Edition Page 15 General Assembly Of North Carolina Session 2025 insured credit union to issue payment stablecoins in its own name if the Commissioner finds that both of the following apply:
– The Commissioner may, upon application, authorize a State chartered insured depository institution or State chartered insured credit union to issue payment stablecoins in its own name if the Commissioner finds that both of the following apply:
(3) Expedited review.
House Bill 1029-First Edition Page 15 General Assembly Of North Carolina Session 2025 (3) Expedited review.
Page 16 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 (1) Administer a licensingprogram for payment stablecoin issuers, issue licenses, conduct oversight, and issue orders necessary to implement and enforce this Article.
(1) Administer a licensingprogram for payment stablecoin issuers, issue licenses, conduct oversight, and issue orders necessary to implement and enforce this Article.
53-463(f).
53-463(e).
(2) Identitiesandbackgroundinformationforeachdirector,executiveofficer,and person owning ten percent (10%) or more of voting power.
Page 16 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 (2) Identitiesandbackgroundinformationforeachdirector,executiveofficer,and person owning ten percent (10%) or more of voting power.
(4) Policies demonstrating the applicant's ability to comply with the reserve, redemption, disclosure, anti-money laundering, sanctions compliance, House Bill 1029-Second Edition Page 17 General Assembly Of North Carolina Session 2025 operational risk, cybersecurity, and business continuity requirements of this Article.
(4) Policies demonstrating the applicant's ability to comply with the reserve, redemption, disclosure, anti-money laundering, sanctions compliance, operational risk, cybersecurity, and business continuity requirements of this Article.
(e) Standards for Approval.
House Bill 1029-First Edition Page 17 General Assembly Of North Carolina Session 2025 (e) Standards for Approval.
(1) The applicant possesses capital and liquidity not less than the minimum standards issued under subsection (h) of this section and adequate for its risk profile.
(1) The applicant possesses capital and liquidity not less than the minimum standards issued under subsection (g) of this section and adequate for its risk profile.
(5) That neither the applicant nor any controlling person is identified on the Specially Designated Nationals and Blocked Persons List prepared by the Page 18 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 Unites States Department of the Treasury and the United States Department of State subject to Presidential Executive Order No.
(5) That neither the applicant nor any controlling person is identified on the Specially Designated Nationals and Blocked Persons List prepared by the Unites States Department of the Treasury and the United States Department of State subject to Presidential Executive Order No.
(6) Provide the Commissioner not less than 30 days' prior written notice of any action or circumstance that would cause the consolidated total issuance of payment stablecoins issued by the licensee to exceed ten billion dollars ($10,000,000,000).
(6) Provide the Commissioner not less than 30 days' prior written notice of any action or circumstance that would cause the consolidated total issuance of Page 18 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 payment stablecoins issued by the licensee to exceed ten billion dollars ($10,000,000,000).
– The Commission shall byrule establishminimumcapitalrequirements,liquidityandinterestrateriskstandards,andoperational House Bill 1029-Second Edition Page 19 General Assembly Of North Carolina Session 2025 riskandinformationtechnologyriskstandardsfor licensedstablecoinissuers.Thestandardsshall meet or exceed the requirements of section 4(a)(4) of the GENIUS Act and shall ensure the issuer's ability to redeem payment stablecoins and operate in a safe and sound manner.
– The Commission shall byrule establishminimumcapitalrequirements,liquidityandinterestrateriskstandards,andoperational riskandinformationtechnologyriskstandardsfor licensedstablecoinissuers.Thestandardsshall meet or exceed the requirements of section 4(a)(4) of the GENIUS Act and shall ensure the issuer's ability to redeem payment stablecoins and operate in a safe and sound manner.
In the event a licensee fails to obtain a reinstatement of the license prior to March 1, the Commissioner shall require the licensee to comply with the requirements for the initial issuance of a license under this Article.
In the event a House Bill 1029-First Edition Page 19 General Assembly Of North Carolina Session 2025 licensee fails to obtain a reinstatement of the license prior to March 1, the Commissioner shall require the licensee to comply with the requirements for the initial issuance of a license under this Article.
Page 20 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 (6) Any other activity the Commissioner expressly authorizes in writing as directly incidental to the issuance or redemption of payment stablecoins.
(6) Any other activity the Commissioner expressly authorizes in writing as directly incidental to the issuance or redemption of payment stablecoins.
(4) Failure to timely redeem a payment stablecoin after receipt of a complete redemption request is grounds for the summary suspension of any license issued under this Article.
Page 20 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 (4) Failure to timely redeem a payment stablecoin after receipt of a complete redemption request is grounds for the summary suspension of any license issued under this Article.
Payment House Bill 1029-Second Edition Page 21 General Assembly Of North Carolina Session 2025 stablecoin holders hold equitable title to the reserve assets.
Payment stablecoin holders hold equitable title to the reserve assets.
– A licensed stablecoin issuer shall comply with any applicable federal law governing the payment, provision, promise, or offering of interest, yield, rewards,rebates,incentives, orother considerationin connectionwith apaymentstablecoin.
– A licensed stablecoin issuer shall comply with any applicable federal law governing the payment, provision, promise, or offering of interest, yield, rewards,rebates,incentives, orother considerationin connectionwith apayment stablecoin.
(a) Bank Secrecy Act Status.
House Bill 1029-First Edition Page 21 General Assembly Of North Carolina Session 2025 (a) Bank Secrecy Act Status.
At a minimum, the issuer shall obtain and verify the name, date of birth, address, and Page 22 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 other identifying information of each customer and shall retain those records for the period required by federal regulation.
At a minimum, the issuer shall obtain and verify the name, date of birth, address, and other identifying information of each customer and shall retain those records for the period required by federal regulation.
(a) Examination Authority.
Page 22 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 (a) Examination Authority.
For purposes of investigating violations or complaints arising under this Article, or for the purposes of examination, the Commissioner may review, investigate, or examine any licensee, individual, orpersonsubject to this Articleas often as necessaryin orderto carryout thepurposes House Bill 1029-Second Edition Page 23 General Assembly Of North Carolina Session 2025 of this Article.
For purposes of investigating violations or complaints arising under this Article, or for the purposes of examination, the Commissioner may review, investigate, or examine any licensee, individual, orpersonsubject to this Articleas often as necessaryin orderto carryout thepurposes of this Article.
A licensed stablecoin issuer shall give the Commissioner prompt written notice of any federal or State enforcement action or investigation relating to anti-money laundering, sanctions, consumer protection, cybersecurity, or safety and soundness matters.
A licensed stablecoin issuer shall give the Commissioner prompt written notice of any federal or State enforcement action or investigation House Bill 1029-First Edition Page 23 General Assembly Of North Carolina Session 2025 relating to anti-money laundering, sanctions, consumer protection, cybersecurity, or safety and soundness matters.
– Licenses issued pursuant to this Article are not assignable without the approval oftheCommissioner.
– Licenses issued pursuant to this Article are not assignable without the approval oftheCommissioner.A licensedstablecoin issuer shall give not less than 30 days' prior written notice to the Commissioner of anyproposed change in control.
A licensedstablecoin issuer shall give not less than 30 days' prior written notice to the Commissioner of anyproposed change in control.
A licensed stablecoin issuer that intends to cease operations shall submit to the Commissioner, at least 30 days in advance, a Page 24 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 wind-down plan that provides for the orderly redemption of all outstanding payment stablecoins and the protection of consumers.
A licensed stablecoin issuer that intends to cease operations shall submit to the Commissioner, at least 30 days in advance, a wind-down plan that provides for the orderly redemption of all outstanding payment stablecoins and the protection of consumers.
– The Commissioner may suspend, remove, or permanently prohibit from participation in the business of any licensed stablecoin issuer in this State any officer, director, employee, or controlling individual who violates this Article, engages in unsafe or unsound conduct, breaches a fiduciary duty, or does not meet the requirements of this Article.
– The Commissioner may suspend, remove, or permanently prohibit from participation in the business of any licensed stablecoin issuer in this State any officer, director, employee, or controlling individual who violates this Article, Page 24 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 engages in unsafe or unsound conduct, breaches a fiduciary duty, or does not meet the requirements of this Article.
House Bill 1029-Second Edition Page 25 General Assembly Of North Carolina Session 2025 (h) Judicial Enforcement.
(h) Judicial Enforcement.
(b) CompliancewithFederal InteroperabilityStandards.–Eachlicensedstablecoinissuer shall implement and comply with any technical or operational interoperability standard or guidance that the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, or any successor federal authority issues under section 11 of the GENIUS Act.
House Bill 1029-First Edition Page 25 General Assembly Of North Carolina Session 2025 (b) CompliancewithFederal InteroperabilityStandards.–Eachlicensedstablecoinissuer shall implement and comply with any technical or operational interoperability standard or guidance that the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, or any successor federal authority issues under section 11 of the GENIUS Act.
Page 26 House Bill 1029-Second Edition General Assembly Of North Carolina Session 2025 (e) Federal Priority and Minimum Standards.
(e) Federal Priority and Minimum Standards.
SECTION 2.(c) The Commissioner of Banks shall file its first certification under G.S.
Page 26 House Bill 1029-First Edition General Assembly Of North Carolina Session 2025 SECTION 2.(c) The Commissioner of Banks shall file its first certification under G.S.
SEVERABILITY AND EFFECTIVE DATE SECTION 3.(a) If any provision of this act, or the application of any provision of this act to any person or circumstance, is held invalid by a court of competent jurisdiction, the House Bill 1029-Second Edition Page 27 General Assembly Of North Carolina Session 2025 remainder of the act and the application of its other provisions to other persons or circumstances shall not be affected by it.
SEVERABILITY AND EFFECTIVE DATE SECTION 3.(a) If any provision of this act, or the application of any provision of this act to any person or circumstance, is held invalid by a court of competent jurisdiction, the remainder of the act and the application of its other provisions to other persons or circumstances shall not be affected by it.
Page 28 House Bill 1029-Second Edition
House Bill 1029-First Edition Page 27
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Action History

  1. Regular Message Received From House

  2. Passed 1st Reading

  3. Ref To Com On Rules and Operations of the Senate

  4. Regular Message Sent To Senate

  5. Reptd Fav Com Sub 2

  6. Re-ref Com On Rules, Calendar, and Operations of the House

  7. Reptd Fav

  8. Cal Pursuant Rule 36(b)

  9. Added to Calendar

  10. Passed 2nd Reading

  11. Passed 3rd Reading

  12. Reptd Fav Com Substitute

  13. Re-ref Com On Finance

  14. Passed 1st Reading

  15. Ref to the Com on Commerce and Economic Development, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House

  16. Filed

Sponsors

Sponsorship breakdown

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3 sponsors · 10 co-sponsors · 166 not signed on · 2 voted No

Sponsors (3)

Co-sponsors (10)

Not signed on (166)

166 members have not signed on to this bill.

Show all 166 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Second Reading

Passed 113 Yea · 2 Nay · 5 Other
Party YeaNayPresentNot Voting
Democratic 42200
Unaffiliated 6001
Republican 63004
Total 111205
% of votes cast 94%2%0%4%
How each member voted (118)
Member Party Vote
CharlesSmith — Yea
vonHaefen — Yea
Campbell — Yea
Reeder — Yea
JohnLowery — Not Voting
C. Smith — Yea
F. Jackson — Yea
Abe Jones Democratic Yea
Aisha O. Dew Democratic Yea
Allen Buansi Democratic Yea
Allison A. Dahle Democratic Yea
Amanda P. Cook Democratic Nay
Amber M. Baker Democratic Yea
Amos L. Quick, III Democratic Yea
B. Ray Jeffers Democratic Yea
Becky Carney Democratic Yea
Beth Helfrich Democratic Yea
Brandon Lofton Democratic Yea
Brian Turner Democratic Yea
Bryan Cohn Democratic Yea
Carolyn G. Logan Democratic Nay
Cynthia Ball Democratic Yea
Dante Pittman Democratic Yea
Deb Butler Democratic Yea
Eric Ager Democratic Yea
Garland E. Pierce Democratic Yea
Gloristine Brown Democratic Yea
James Roberson Democratic Yea
Jordan Lopez Democratic Yea
Julia Greenfield Democratic Yea
Kanika Brown Democratic Yea
Laura Budd Democratic Yea
Lindsey Prather Democratic Yea
Marcia Morey Democratic Yea
Maria Cervania Democratic Yea
Mary Belk Democratic Yea
Mike Colvin Democratic Yea
Monika Johnson-Hostler Democratic Yea
Phil Rubin Democratic Yea
Pricey Harrison Democratic Yea
Renée A. Price Democratic Yea
Robert T. Reives, II Democratic Yea
Rodney D. Pierce Democratic Yea
Sarah Crawford Democratic Yea
Shelly Willingham Democratic Yea
Terry M. Brown Jr. Democratic Yea
Tim Longest Democratic Yea
Tracy Clark Democratic Yea
Vernetta Alston Democratic Yea
Ya Liu Democratic Yea
Zack Hawkins Democratic Yea
A. Reece Pyrtle, Jr. Republican Yea
Allen Chesser Republican Yea
Anna Ferguson Republican Yea
Ben T. Moss, Jr. Republican Yea
Bill Ward Republican Yea
Blair Eddins Republican Yea
Brenden H. Jones Republican Yea
Brian Biggs Republican Yea
Brian Echevarria Republican Yea
Celeste C. Cairns Republican Yea
Charles W. Miller Republican Yea
Chris Humphrey Republican Yea
Cody Huneycutt Republican Yea
David Willis Republican Not Voting
Dean Arp Republican Yea
Dennis Riddell Republican Yea
Destin Hall Republican Yea
Diane Wheatley Republican Yea
Donna McDowell White Republican Yea
Donnie Loftis Republican Yea
Donny Lambeth Republican Yea
Dudley Greene Republican Yea
Edward C. Goodwin Republican Yea
Erin Paré Republican Yea
Frank Iler Republican Yea
Harry Warren Republican Yea
Heather H. Rhyne Republican Yea
Howard Penny, Jr. Republican Yea
Hugh Blackwell Republican Yea
Jay Adams Republican Yea
Jeff Zenger Republican Yea
Jeffrey C. McNeely Republican Yea
Jennifer Balkcom Republican Yea
Jerry "Alan" Branson Republican Yea
Jimmy Dixon Republican Yea
John A. Torbett Republican Yea
John M. Blust Republican Yea
John R. Bell, IV Republican Yea
John Sauls Republican Not Voting
Jonathan L. Almond Republican Yea
Joseph Pike Republican Yea
Julia C. Howard Republican Yea
Karl E. Gillespie Republican Yea
Keith Kidwell Republican Yea
Kelly E. Hastings Republican Yea
Kyle Hall Republican Yea
Larry C. Strickland Republican Yea
Larry W. Potts Republican Yea
Mark Brody Republican Yea
Mark Pless Republican Yea
Matthew Winslow Republican Yea
Mike Schietzelt Republican Yea
Mitchell S. Setzer Republican Yea
Neal Jackson Republican Yea
Paul Scott Republican Yea
Phil Shepard Republican Yea
Ray Pickett Republican Yea
Sam Watford Republican Yea
Sarah Stevens Republican Yea
Stephen M. Ross Republican Yea
Steve Tyson Republican Yea
Ted Davis, Jr. Republican Yea
Todd Carver Republican Yea
Todd Johnson Republican Not Voting
Tricia Ann Cotham Republican Yea
William D. Brisson Republican Not Voting
Wyatt Gable Republican Yea

Official roll call →

Subjects

finance technology
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Frequently asked questions

Who sponsors HB 1029?
HB 1029 is sponsored by Harry Warren (Republican), Phil Shepard (Republican), A. Reece Pyrtle, Jr. (Republican), Joseph Pike (Republican), Brian Echevarria (Republican), Jimmy Dixon (Republican), Celeste C. Cairns (Republican), Jerry "Alan" Branson (Republican), Brian Biggs (Republican), Mike Schietzelt (Republican), Stephen M. Ross (Republican), David Willis (Republican), and Allen Chesser (Republican).
What is the current status of HB 1029?
This bill has passed the House. Introduced April 21, 2026. It now moves to the second chamber.
Where can I track HB 1029?
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