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NC House votes to appoint pension managers, allow state investment in crypto
NC House votes to appoint pension managers, allow state investment in crypto

Yahoo

time30-04-2025

  • Business
  • Yahoo

NC House votes to appoint pension managers, allow state investment in crypto

(Photo illustration by Namthip Muanthongthae / Getty Images) The North Carolina House gave the green light to a pair of bills this week that would change how the state manages its pension fund and allow that fund's investments to include cryptocurrencies like Bitcoin. A five-member board of appointees would manage the state's $127 billion in investments under House Bill 506. And House Bill 92 would give that board the power to invest up to 5% of the state's portfolio in cryptocurrency. The measures represent a concentrated effort to shift the state's approach to investing. North Carolina's pension system has a $16 billion deficit, and the fund's investments have yielded lower returns in comparison to other states' portfolios in recent years. State Treasurer Brad Briner, a Republican elected in November, has thrown his support behind both bills. He currently serves as the sole final authority over the state investments. His GOP predecessor, Dale Folwell, had practiced a more conservative approach to the pension fund. The five-member North Carolina Investment Authority would include the treasurer and four other members. The treasurer, Speaker of the House, Senate President Pro Tem and governor would be able to appoint one member each. Appointees would be required to have 'expert knowledge of investments' and more than 10 years of 'successful management' of pensions, endowments or other investments. The board would appoint a chief investment officer — someone with similar, if not more extensive, qualifications to board appointees. That CIO would negotiate and execute third-party contracts on behalf of the board. HB 506 passed the House with little discussion Tuesday, 110-3. The bill to allow investment in cryptocurrency is backed by House Speaker Destin Hall (R-Caldwell). It limits the investments to the crypto equivalent of mutual funds, rather than direct investments in specific currencies. And it lays the groundwork for the treasurer and law enforcement to examine both a 'strategic reserve' of digital assets collected by the state, as well as allowing state employees to invest part of their portfolios in crypto. The bill's supporters view it as another plank of proactive and wise investing — arguing that the state should utilize a growing corner of the market. 'We need to spread the allocation around,' said Rep. Keith Kidwell (R-Beaufort). 'Just like any good investment broker would do for you.' But Democrats who opposed the measure warned of Bitcoin and other cryptocurrencies' volatility — and cautioned against betting part of state workers' pensions on them. 'I still have a lot of questions about this investment strategy and the level of commitment we're making to it,' said Rep. Maria Cervania (D-Wake). Opinions on the bill outside of the General Assembly have split. Gov. Josh Stein has said he supports the measure and allowing Briner to have more control over state investments. Representatives of the State Employees Association of North Carolina have expressed opposition. The measure passed 71-44 on Wednesday, and now heads to the Senate.

FBI Albuquerque, federal prosecutors seize cryptocurrency allegedly meant for Hamas
FBI Albuquerque, federal prosecutors seize cryptocurrency allegedly meant for Hamas

Yahoo

time04-04-2025

  • Politics
  • Yahoo

FBI Albuquerque, federal prosecutors seize cryptocurrency allegedly meant for Hamas

FBI Albuquerque allegedly 'identified a terrorist financing network soliciting donations to the al-Qassam Brigades,' Hamas' military wing. (Photo illustration by Namthip Muanthongthae / Getty Images) The U.S. government announced last week that two confidential informants and an FBI special agent based in New Mexico's largest city discovered and seized hundreds of thousands of dollars in virtual currency that officials say was meant for Hamas. On March 25, a special agent with the Albuquerque field office of the Federal Bureau of Investigation asked a federal court in Washington D.C. for permission to seize the virtual currencies. U.S. Magistrate Judge Matthew J. Sharbaugh signed the application. According to the agent's sworn statement attached to the application, in February, FBI Albuquerque 'identified a terrorist financing network soliciting donations to the al-Qassam Brigades,' Hamas' military wing. The U.S. has designated Hamas a terrorist organization. The FBI agent wrote in the warrant application that he believes the funds are 'traceable to, and involved in, a scheme to solicit donations of virtual currency to' Hamas, and to launder those donations on the group's behalf. The warrant and associated documents indicate they were filed in the court under seal, meaning they are not publicly available. Source NM searched online federal court records for the case number associated with the warrant but could not find anything. But the U.S. Attorney's Office for the District of Columbia attached the records to a March 27 news release in which the government said it disrupted 'an ongoing terrorist financing scheme' by seizing approximately $201,400 worth of virtual currency held in wallets and accounts intended to benefit Hamas. It is unusual for federal prosecutors to publish an otherwise sealed search warrant before actually charging someone with a crime, two sources with knowledge of the federal criminal legal system who asked to remain anonymous told Source NM. A case usually doesn't get opened until after someone is formally presented with the charges against them in court, the sources said. One of the sources suggested that the reason why the DOJ is publicly talking about the case before any charges is that Ed Martin, President Donald Trump's appointed interim U.S. Attorney for the District of Washington D.C., is 'trying to make political hay out of an otherwise normal investigation, in an incredibly irregular way.' Adam Schiff, a Democratic U.S. senator from California, on Tuesday placed a hold on Martin's permanent confirmation as D.C.'s top federal prosecutor, alleging Martin had 'abused' his role. The U.S. Attorney's Office for the District of Columbia did not return an email seeking comment on the case. The seized funds were traced from fundraising addresses allegedly controlled by Hamas that were used to launder more than $1.5 million in virtual currency since October 2024, the DOJ said. FBI Albuquerque is investigating the case alongside the FBI Counterterrorism Division and Cyber Division, according to the news release. SUPPORT: YOU MAKE OUR WORK POSSIBLE While the FBI agent's affidavit only reveals some of what the U.S. government knows about the investigation, it appears to show that the agent's involvement began when an FBI confidential informant in the U.S. on Feb. 6 alerted them to a post on the instant messenger service Telegram asking supporters to contact an email address allegedly associated with al-Qassam in order to donate. Four days later, the informant sent a message to the email address and received a response a few hours later containing instructions on how to donate, according to the translation included in the warrant. Another informant on Feb. 17 alerted the agent to seven more places to donate virtual currency that the informant allegedly received by emailing al-Qassam. The cryptocurrency was held on two platforms based outside of the United States, Binance and Tether, according to the warrant application. In October 2023, U.S. Sen. Cynthia Lummis (R-Wyo.) and U.S. Rep. French Hill (R-Ark.) wrote a letter asking the DOJ to criminally prosecute Binance and Tether. 'We urge the Department of Justice to carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism through violations of applicable sanctions laws and the Bank Secrecy Act,' Lummis and Hill wrote. 'To that end, we strongly support swift action by the Department of Justice against Binance and Tether to choke off sources of funding to the terrorists targeting Israel.' Tether, at the request of federal law enforcement, on March 12 agreed to freeze about $90,000 worth of virtual currency until the FBI could serve the warrant, according to the application. The agent wrote that Binance 'took independent action' to freeze other related accounts, and provided records to the agent about two accounts owned by Palestinians whom the agent believes are 'financiers enabling a virtual currency donation network to support Hamas.' In announcing the seizures, FBI Albuquerque Special Agent in Charge Raul Bujanda said in the news release that 'countering terrorism remains the FBI's number one priority.' 'By successfully disrupting access to funds, we weaken their ability to function,' Bujanda said. 'This success demonstrates that financial warfare is a critical component to fight terrorism. We will continue to do everything in our power to protect the American people and pursue justice by depriving terrorist organizations of the resources they need to continue their illicit activity.' In an emailed statement, a spokesperson for FBI Albuquerque told Source NM that the investigation is ongoing and declined to answer questions about how the case is connected to New Mexico, and whether anyone has been charged with a crime related to the seized money. 'The FBI investigates many different cases across all of our 55 field offices,' spokesperson Margot Cravens wrote. 'We pursue cases based on well-defined investigative strategies. As with all of our investigations, we adjust and refine that strategy based on the results of ongoing leads.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX

Bill seeking to allow NM investments in Bitcoin tabled
Bill seeking to allow NM investments in Bitcoin tabled

Yahoo

time28-02-2025

  • Business
  • Yahoo

Bill seeking to allow NM investments in Bitcoin tabled

(Namthip Muanthongthae / Getty Images) A Senate committee Thursday voted to table legislation that encouraged state fund managers to invest savings into Bitcoin, the volatile digital currency that has dropped 20% in value since Jan. 30. Newly elected state Sen. Ant Thornton (R-East Mountains) sponsored Senate Bill 275, the Strategic Bitcoin Reserve Act, which sought to allow state investment agencies to invest up to 5% of their assets in Bitcoin. For the state's Land Grant Permanent Fund, currently estimated to hold $31.9 billion, that would mean up to $1.6 billion invested in Bitcoin. Thornton's bill is model legislation that the Satoshi Action Fund produced in partnership with Thornton, said Eric Peterson, the fund's policy director, at the Thursday hearing before the Senate Tax, Business and Transportation Committee. Thornton noted that multiple states invest in Bitcoin, and other states are planning to do so, including Arizona. During the 2024 legislative session, at least 35 states introduced or had pending legislation related to cryptocurrency, digital or virtual currencies, according to a National Conference of State Legislators report. Some states, like Indiana, Georgia and South Dakota, ban their government agencies from using digital currencies. Other states permit the technology, but may be placing frameworks around how it's used, like in New Hampshire, which has a law to establish regulations and a framework for digital currencies, and Connecticut, which put more requirements on who may deal with digital currency transactions. 'This legislation grants, does not compel, certain New Mexico public funds, especially those with longer investment horizons, the option to diversify into Bitcoin by modernizing our investment toolkit,' Thornton said. His proposal received a lukewarm reception at its first committee meeting Thursday. Lawmakers, citing a fiscal impact report, noted that investment agencies are already free to invest in Bitcoin. They've just chosen not to. The bill also would require that fees and taxes paid in Bitcoin be transferred to the state's general fund within 60 days, but the state does not currently accept taxes to be paid with the digital currency. That also gave senators pause. State Treasurer Laura Montoya also spoke briefly at the meeting, saying she would need resources she doesn't have to prepare for a transition to Bitcoin by July 1, when the law goes into effect. The committee voted to table over Republican opposition. Committee Chair Sen. Carrie Hamblen (D-Las Cruces) offered Thornton her apologies. He said he would reintroduce the bill at future sessions. 'I was hoping that this legislation struck the right balance between innovation and prudence. I believe this is the right investment tool for the future of New Mexico,' he said. 'As you can tell, there is a race going on between other states. And I do believe that in the future, nation-states are going to be taking this on as well.'

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