Technology

HB 920, the NC Digital Asset Freedom Act, allows North Carolina residents and businesses to use qualifying digital assets for everyday transactions and tax payments. To qualify, digital assets must meet strict criteria including 10 years of security, $750 billion market capitalization, decentralized governance, proof-of-work security, and U.S. regulatory classification as a non-security. The bill recognizes these assets as legally valid payment methods (preventing denial of enforceability) and permits tax payments to the state using them, requiring reporting of U.S. dollar equivalents at transaction time. It also mandates privacy protections for users and imposes a $2,000 daily transaction limit for new users of digital asset kiosks to prevent fraud.

HB 301, titled "Social Media Protections for Minors Under 16," aims to regulate social media platforms for minors in North Carolina. The bill prohibits social media platforms from allowing children under 14 years of age to create accounts and requires them to terminate existing accounts for this age group, deleting their personal data. For minors aged 14 or 15, platforms must obtain parental or guardian consent before they can create or maintain an account. The North Carolina Department of Justice is responsible for enforcing these provisions, which allows for civil penalties and damages for violations, including potential lawsuits by affected minors.

HB 936 modifies North Carolina's laws governing telephone solicitations to specifically address robocalls and spam text messages. The bill defines "robocall" to include artificial or prerecorded voice messages, ringless voicemails, and scam texts, and applies new restrictions to "robocallers." It prohibits robocalls before 8:00 A.M. or after 9:00 P.M., forbids intimidating language, and prevents misleading caller identification. Additionally, it clarifies the requirements for "prior express written consent" needed for solicitors to contact individuals on the "Do Not Call" Registry, stipulating conditions for this consent.

This bill establishes a regulatory framework for North Carolina banks and credit unions to offer digital asset services, such as custody, staking, and transaction processing. It requires these financial institutions to notify state regulators before starting custody services and obtain specific approval if they intend to manage customer assets in a fiduciary capacity. The legislation also mandates clear written agreements between institutions and customers, explicitly stating that digital assets held by the bank are not insured deposits or liabilities of the institution. By defining key terms like digital assets and staking, the act aims to provide legal clarity and safety standards for the growing digital asset market within the state.