Bill > HB1184

This bill allows three key North Dakota state entities - the Board of University and School Lands, the State Investment Board, and the State Treasurer - to invest up to 10% of their managed funds in precious metals, certain digital assets, and stablecoins. Specifically, digital assets must have a market capitalization over $500 billion averaged over the previous year. The bill provides detailed definitions and requirements for these investments, including that digital assets must be held directly through a secure custody solution or via a qualified custodian, with strict security protocols for private key management. These protocols include exclusive key accessibility, encrypted environments, geographic diversification of data centers, multi-party transaction governance, and regular security audits. The entities are also permitted to engage in staking (committing digital assets to blockchain network operations) and lending digital assets, provided the state retains legal ownership and the transactions do not increase financial risk. A "stablecoin" is defined as a digital asset backed by dollars or high-quality liquid assets and redeemable at a fixed monetary value. The bill aims to provide state investment bodies with more flexible and modern investment options while maintaining robust security and risk management standards.

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https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo1184.html