North Carolina Governor Roy Cooper has struck down House Bill 690 (HB 690), effectively halting its progression. The bill, titled “An act to prohibit payments to the state using central bank digital currency or participation by the state in Federal Reserve’s testing of central bank digital currency,” faced the Governor’s veto on grounds of prematurity and the urgent necessity for enhanced cybersecurity funding.
In his veto statement, Governor Cooper articulated, “Efforts are underway at the federal level to establish robust standards and protections safeguarding consumers, investors, and businesses engaging in digital asset transactions. North Carolina should observe these developments before precipitating action.” He criticized the bill as premature, lacking specificity, and reactionary, dictating significant monetary policy without awaiting critical federal deliberations. The Governor underscored, “Rather than this bill, the legislature should prioritize funding to combat present cybersecurity threats.” Thus, he opted to veto the bill.
Dan Spuller, Head of Industry Affairs at the Blockchain Association, expressed disappointment over the Governor’s decision. Spuller highlighted HB 690 as a “broadly supported, bipartisan” measure, passing unanimously in the NC House and decisively in the NC Senate. He lamented the veto as a missed opportunity to affirm North Carolina’s unified stance against CBDC creation, urging an override of the decision. Spuller insisted that digital assets policy should align with American values of privacy, individual sovereignty, and competitive market principles.
What are your thoughts on Governor Roy Cooper’s veto of HB 690 and its implications for the future of CBDCs in North Carolina? Share your views in the comments below.
