New Hampshire’s Bitcoin reserve bill has passed the state’s House, making it the fourth state to advance such legislation through one chamber.
The House of Representatives of New Hampshire voted in favor of House Bill 302 with a vote of 192-179 on April 10, following its passage through the House Commerce and Consumer Affairs Committee with a vote of 16-1 in the beginning of March.
The legislation is currently being sent to the Senate, where it will be subjected to additional debate before perhaps making its way to the desk of Governor Kelly Ayotte for final approval.
In the event that House Bill 302 is passed and signed into law, it would grant the state treasurer the authority to invest up to ten percent of New Hampshire’s general fund, revenue stabilization fund, or any other funds that have been approved by the legislature in particular digital assets and precious metals.
These precious metals and digital assets include gold, silver, and platinum. One of the requirements for inclusion in the reserve is that a cryptocurrency must have maintained an average market capitalization of at least $500 billion over the course of the preceding calendar year.
Currently, Bitcoin is the only cryptocurrency that meets this requirement. Proponents of the bill said in the session debate that it could create new revenue streams and diversify financial resources.
With regard to the legislation, Republican Representative Jordan Ulery stated that it offered the “potential for a large amount of money being earned by the state” by means of strategic investments in high-value assets such as Bitcoin.
Other measures pertaining to blockchain technology are also being considered by state legislators. These include House Bill 310, which addresses stablecoins and the tokenization of real-world assets, and House Bill 639, which defines broader blockchain rules and dispute resolution methods.
By becoming the fourth state to have a Bitcoin reserve measure pass through one chamber of its legislature, New Hampshire joins the ranks of Arizona, Texas, and Oklahoma.
As to the information provided by Bitcoin Laws, a total of 47 strategic Bitcoin reserve laws have been introduced in sixteen different states. There are now two proposals in Arizona that are leading the way in terms of regulatory advancement.
In similar news, on the same day, the House Insurance and Banking Subcommittee of Florida overwhelmingly advanced its Bitcoin reserve measure, HB487. This law would give the Chief Financial Officer of the state the authority to invest up to ten percent of certain public funds.
