In a significant move towards embracing digital assets, New Hampshire’s House Bill 302 has successfully passed its second Senate committee, marking an important milestone in the state’s financial strategy. This bill, introduced in January, will allow the state to allocate funds for investing in Bitcoin and precious metals.
HB302 has undergone rigorous scrutiny and has now cleared four essential legislative hurdles. It began with a **16–1** vote in the House Commerce and Consumer Affairs Committee, proceeded through the full House with a narrow **192–179** margin on April 10, and recently, on April 23, garnered a favorable **4–1** recommendation from the Senate committee. The bill is now on the brink of being presented for a full Senate vote.
One of the key features of HB302 is that it permits the state treasurer to invest up to **10%** of public funds from the general fund and other approved pools. This investment is restricted to precious metals and select digital assets, such as Bitcoin, that hold a market capitalization exceeding **$500 billion**. Currently, Bitcoin is the only asset that meets this criterion. Additionally, the bill outlines secure custody measures to ensure proper management of these assets, which can be handled either through direct state management, qualified custodians, or through exchange-traded products.
- Dynamic Legislative Debate: The bill has sparked intense discussion among lawmakers. Democratic Representative Terry Spahr has voiced concerns over the potential risks to the state’s digital asset holdings, deeming the measure unnecessary.
- Support from Republicans: In contrast, Republican Representative Jordan Ulery champions the bill, suggesting it holds the promise of generating substantial revenue for the state through prudent investments.
As states across the U.S. increasingly pursue digital asset legislation, New Hampshire’s advances with HB302 reflect a growing trend of local governments experimenting with crypto policy. In addition to HB302, other relevant bills, including HB310 (regarding stablecoins and tokenized assets) and HB639 (focused on blockchain regulation), are under consideration, indicating a robust legislative environment surrounding digital currency.
Should HB302 be signed into law, New Hampshire would become only the third state, following Arizona and Texas, to formalize a Bitcoin reserve bill through one full legislative chamber. The implications of this legislation could not only reshape the financial landscape within New Hampshire but could also set a precedent for other states considering similar initiatives.
