New Hampshire Advances Bitcoin Reserve Bill to House

New Hampshire has become the latest U.S. state to move forward with a Bitcoin reserve bill, with the House Commerce and Consumer Affairs Committee approving the proposal on March 5. The bill, introduced by Republican Keith Ammon on January 7, passed with a 16-1 vote.

Key Provisions of the Bill

House Bill 302 (HB302) proposes allowing New Hampshire’s treasurer to invest up to 5% of the general fund, revenue stabilization fund, or any other legislatively authorized funds into eligible digital assets and precious metals like gold, silver, and platinum. To be included in the reserve, a cryptocurrency must have maintained an average market cap of at least $500 billion over the past calendar year. Currently, Bitcoin is the only asset that qualifies.

Evolution of the Bill

Initially, the bill proposed a 10% allocation and included stablecoins and staking options, but an amendment reduced the allocation to 5% and removed these provisions. Additionally, HB302 requires the assets to be held by a qualified custodian or in an exchange-traded product.

Next Steps

With committee approval secured, the bill now moves to a full House vote. If passed, it will proceed to another committee review before heading to the Senate for a final vote. Currently, only seven U.S. state bills, including New Hampshire’s, have advanced to the House level.

Other States with Bitcoin-Related Bills

Other states with Bitcoin-related bills at this stage include North Carolina, Oklahoma, and Texas. Meanwhile, Utah and Arizona are the only two states that have cleared this stage. Utah is leading the way among U.S. states in pushing Bitcoin-related legislation.

Tips for Cryptocurrency Investors

  • Stay informed about Bitcoin-related bills and their potential impact on the market.
  • Consider the potential risks and benefits of investing in cryptocurrencies.
  • Diversify your investment portfolio to minimize risk.

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