New Hampshire Bitcoin Reserve Bill Sparks Senate Vote Excitement

New Hampshire Bitcoin Reserve Bill Advances to Senate Vote

A bill allowing New Hampshire to invest a portion of its state funds in digital assets and precious metals has moved forward to a full Senate vote after passing a second committee review. On April 23, House Bill 302 (HB 302) underwent review in the second Senate committee and was approved in a 4-1 vote.

The legislation, introduced in January, previously cleared the New Hampshire House with a 192–179 vote. It is now awaiting a vote by the full Senate and, if passed, will require the governor's signature to become law.

Once enacted, the bill would authorize the New Hampshire treasury to allocate 10% of the state's general funds for investment in cryptocurrencies with a market capitalization exceeding $500 billion, a criterion currently met only by Bitcoin (BTC).

Opposition to New Hampshire's Crypto Reserve Bill

During a debate prior to the full House vote, Democratic Representative Terry Spahr raised concerns over the necessity of the bill. He argued that it might jeopardize the future security of the state's digital asset holdings, pointing out that the state treasurer already possesses the authority to manage investments without the need for this legislation.

Contrarily, supporters of the bill, such as Republican Representative Jordan Ulery, believe that the investments could yield substantial returns for the state, potentially generating a significant amount of revenue.

According to Bitcoin Laws, which monitors the progress of digital asset legislation, New Hampshire is also considering two additional blockchain-related bills. HB 639 tackles blockchain dispute resolution and regulatory frameworks, while HB 310 focuses on real-world asset tokenization and stablecoin applications.

New Hampshire's advancements in this area coincide with Arizona's efforts to explore the establishment of a strategic Bitcoin reserve, marking a more assertive approach in the United States towards implementing such policies.