- New Hampshire’s HB302 advances with a 16-1 committee vote, permitting Bitcoin and gold in state reserves
- Invoice’s bipartisan backing strengthens its probabilities of passing within the full Home and Senate votes
New Hampshire lawmakers say ‘sure’ to State Bitcoin Reserve
New Hampshire’s Home of Representatives has advanced a invoice that might make the state one of many first in the USA to allocate treasury funds to Bitcoin [BTC] and treasured metals.
Home Invoice 302 (HB302) acquired a decisive 16-1 vote of approval from the Commerce and Shopper Affairs Committee on 05 March. The invoice will now transfer ahead with an modification and has been positioned on the Consent Calendar, rising its probabilities of a swift passage.
Supply: Bitcoin Legal guidelines
If enacted, the laws would permit the state treasurer to take a position as much as 10% of public funds in gold, silver, platinum, stablecoins, and digital property that meet strict market capitalization thresholds.
The proposal indicators a shift in state-level funding methods – Rising institutional curiosity in different property.
Bitcoin bulls weigh in
The invoice has attracted consideration from business advocates and cryptocurrency coverage teams. For instance – Dennis Porter, CEO of the Satoshi Act Fund, confirmed his group’s involvement in shaping the laws. In doing do, he additionally publicly praised Consultant Ammon for his management.
Supply: X
The invoice’s safety and danger administration provisions counsel collaboration with business specialists, notably in defining digital asset custody necessities. The sturdy help from monetary and cryptocurrency coverage teams may affect different states contemplating comparable laws.
What’s inside HB302?
The legislative journey of HB302 started on 07 January when it was introduced with solely Republican sponsorship. Major sponsorship got here from Consultant Keith Ammon, with co-sponsorship from Representatives Calvin Beaulier, Mark Warden, Jason Osborne, Joe Sweeney, and Joe Alexander, together with Senators Daryl Abbas, Kevin Avard, and Keith Murphy – All Republicans.
Underneath HB302, the state treasury may allocate a portion of public funds into different property. These embody gold, silver, and platinum, saved bodily or by means of exchange-traded merchandise. It could additionally permit funding in stablecoins, offering publicity to digital greenback equivalents.
Supply: LegiScan
Bitcoin and different digital property with a market cap exceeding $500 billion are additionally eligible for funding. This can make sure the state focuses on established cryptocurrencies, moderately than speculative tokens.
A ten% funding cap balances potential good points with danger administration. It permits publicity to different property with out over-leveraging taxpayer funds.
This cautious method is in sharp distinction with Montana’s failed Bitcoin reserve invoice. That proposal included crypto and treasured metals investments, however was rejected in a 41-59 vote on 25 February.
HB302 enforces strict safety measures for managing Bitcoin and treasured metals. Digital property should be saved utilizing one among three accredited strategies.
The primary choice is direct state custody, the place the federal government retains unique management over cryptographic keys. The second is utilizing certified custodians, guaranteeing safe third-party administration. The third permits funding by means of exchange-traded merchandise, offering Bitcoin publicity with out direct asset dealing with.
For direct custody, the invoice requires multi-party governance for transaction approvals. It additionally mandates common safety audits and encrypted environments to forestall cyber threats.
Comparable safety guidelines apply to treasured metals. They are often saved in state-controlled vaults or held by trusted custodians.
Is New Hampshire successful the state crypto race?
With HB302 advancing, New Hampshire joins the growing listing of states exploring official cryptocurrency adoption. Some jurisdictions have pursued regulatory readability, however few have proposed direct state funding in Bitcoin or digital property.
Supply: Bitcoin Legal guidelines
New Hampshire’s method stands out as a result of it treats Bitcoin as a strategic reserve asset, moderately than only a regulatory concern. The $500 billion market cap threshold successfully limits preliminary investments to Bitcoin, however the framework leaves room for future enlargement if different digital property develop in scale.
Markets are watching
Whereas the ten% cap limits the fast market impact, the symbolic worth of state-level Bitcoin funding may have broader implications. If HB302 turns into legislation, it may affect different states to contemplate comparable insurance policies, accelerating Bitcoin’s integration into authorities finance.
The invoice additionally permits the state to generate yield from its holdings by means of lending or staking, offered the property stay below state management. This provision displays a classy understanding of digital asset markets past easy value hypothesis.
New Hampshire’s transfer additionally coincides with latest federal developments favoring crypto-friendly insurance policies. Simply days in the past, the U.S. Senate voted 70-27 to repeal the IRS’s controversial DeFi dealer rule, a choice backed by the White Home. President Trump’s administration has signaled a pro-crypto stance, calling the IRS rule an “Eleventh-hour assault on the crypto group.”
What occurs now?
With HB302 advancing below sturdy committee help, the invoice now faces additional legislative overview. The Consent Calendar placement will increase the chance of passage, although a ultimate vote within the full Home and Senate will decide its destiny.
