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North Carolina's Cryptocurrency Regulation Experiment

암호화화폐 2026-04-26 암호화화폐, 디지털금융

The Digital Asset Era: The Path Chosen by U.S. States On April 21, 2026, North Carolina took a significant step towards digital financial innovation. State Representatives Chesser, Willis, Ross, and Schietzelt introduced House Bill 1029, also known as the 'NC Digital Asset and Stablecoin Act.' This is not merely the introduction of a bill, but an attempt to propose a new direction for digital asset and stablecoin regulation. Some readers might wonder, 'What's so significant about a single state's decision?' However, the contents of this bill and its potential impact are not limited to the United States; they are likely to influence the global trend of digital asset regulation. Given that digital asset trading and stablecoin usage are becoming crucial pillars of the global economy, including South Korea, the implications of this bill are far deeper than one might initially think. The proposed bill is largely divided into two main parts. The first is the 'Digital Asset Financial Act,' which grants permission for state-chartered banks and credit unions to offer digital asset custody, staking, and trading services in a fiduciary capacity. Fiduciary status here implies a legal obligation to prioritize clients' interests and act with utmost good faith. A particularly notable provision is that staked client assets must remain the property of the owner and not be included on the financial institution's balance sheet. This focuses on protecting client assets from losses due to external factors. The bill also includes clear regulations stating that these assets cannot be pledged as collateral or rehypothecated. Rehypothecation refers to a financial institution using assets received as collateral from a client as collateral for other purposes; prohibiting this prevents clients' assets from being exposed to double risk. Furthermore, the bill aims to prevent potential conflicts of interest by prohibiting proprietary trading of digital assets by these financial institutions. This aspect has received positive reviews for its potential to prevent moral hazard among financial institutions. The second major component is the 'North Carolina Stablecoin Act.' This act regulates that only permitted payment stablecoin issuers within North Carolina can issue, circulate, and redeem stablecoins. To become such an issuer, one must satisfy one of three pathways: first, obtain a license from the North Carolina Commissioner of Banks; second, qualify federally under the GENIUS Act (a federal stablecoin bill); or third, be a qualified issuer in a reciprocal state, meaning another state with regulatory standards similar to North Carolina's. This is interpreted as an intention to establish a consistent stablecoin oversight framework through inter-state regulatory cooperation. The bill also includes requirements for authorized issuers to maintain eligible reserve assets equivalent to 100% or more of the value of outstanding stablecoins, and to promptly accept and fulfill redemption requests without unreasonable thresholds or limitations. These standards are expected to play a crucial role in ensuring the stability of the stablecoin market. According to the bill, these stablecoin regulations are set to take effect on January 18, 2027, or 120 days after the final regulations of the GENIUS Act are issued, whichever comes first. This demonstrates an effort to harmoniously link federal and state-level regulations, aiming to implement regulations at an appropriate time while avoiding redundant oversight. 100% Reserve Stablecoins: Between Stability and Innovation Thus, this bill clearly demonstrates North Carolina's commitment to playing a leading role in enhancing the security of digital assets and stablecoins. Particularly noteworthy is the state's official approval of digital asset services by banks and credit unions. This could serve as an opportunity to foster mutual trust between large financial institutions and regulatory authorities. As traditional financial institutions gain the ability to offer digital asset services under clear legal grounds, the integration of the digital asset market into the mainstream financial system is expected to accelerate. Meanwhile, the mandate for 100% reserves for stablecoins is interpreted as a practical measure to secure investor confidence in the currently volatile cryptocurrency ecosystem. Notably, the proactive stance of individual states, while the U.S. federal government is still in the process of preparing specific digital asset regulations, carries significant implications for other states. By experimenting with regulatory frameworks before unified federal regulations are established, states are setting precedents that could serve as models for future federal regulations. However, whether this new regulatory framework will bring only positive ripple effects to the digital asset industry remains a subject of debate. Critics also argue that it constitutes excessive regulation that could stifle innovati