North Carolina Overrides Governor’s Veto of Anti-CBDC Bill

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The North Carolina General Assembly has successfully overridden Governor Roy Cooper’s veto of House Bill 690, a legislative move that bans the state from accepting central bank digital currencies (CBDCs) as payment and from participating in any Federal Reserve testing of CBDCs.

This decisive action reflects North Carolina’s growing concern over CBDCs’ potential implications for financial privacy and state sovereignty. It is part of a broader national resistance to federal control over digital currencies.

The legislative journey to pass House Bill 690 has been contentious. It shows the deep partisan divides and concerns over the state’s role in the digital currency landscape.

The bill was initially passed by the North Carolina House of Representatives in a resounding 109-4 vote and by the Senate in a 39-5 vote. However, it faced an unexpected hurdle when Governor Roy Cooper, a Democrat, vetoed it on July 5.

Cooper described the bill as “premature, vague, and reactionary,” arguing that North Carolina should await the outcomes of federal efforts to establish standards and safeguards for digital asset transactions before enacting such legislation.

Despite Governor Cooper’s concerns, the Republican-majority legislature moved swiftly to challenge the veto.

On September 9, the Senate voted 27-17 to override Cooper’s veto, just surpassing the required 60% majority. This followed a prior vote in early August by the House, which also successfully overturned the veto with a 73-41 margin.

Notably, the latest Senate vote revealed a stark partisan