Both New Hampshire’s House and Florida’s House insurance and banking committee have moved forward with legislation that would allow their states to establish Bitcoin reserves.
On April 10, New Hampshire’s House approved its Bitcoin reserve bill, HB302, with a vote of 192-179, and the bill is now set to be reviewed by the Senate. This makes New Hampshire the fourth state to pass a Bitcoin
BTCUSD
reserve bill through one chamber, following Arizona, Texas, and Oklahoma.
If HB302 is approved by New Hampshire’s Senate and signed into law by Governor Kelly Ayotte, it would permit the state’s treasurer to allocate up to 10% of the state’s general fund and other approved funds for investments in precious metals and specific digital assets. The legislation also outlines the custody requirements for these assets.
The bill stipulates that only cryptocurrencies with a market capitalization exceeding $500 billion would qualify for investment, a criterion that currently applies only to Bitcoin.
During the debate preceding the vote, Democrat Representative Terry Spahr asserted that the bill was unnecessary and could jeopardize the future safety of the state’s digital asset reserves.
“Unbeknownst to the committee and to the sponsor […] the treasurer testified that they already have that authority,” Spahr remarked. He expressed concern that the ever-evolving nature of cryptocurrency makes it hazardous to commit to specific security protocols, which the bill appears to do.
Republican Representative Jordan Ulery responded by emphasizing that the bill is essential, as it has the potential to generate significant revenue for the state through these investments.
New Hampshire is currently considering two other blockchain-related pieces of legislation: HB310, which focuses on stablecoins and real-world asset tokenization (RWA), and HB 639, which addresses blockchain regulation and dispute resolution.
Florida House Committee approves Bitcoin reserve bill
On the same day, April 10, Florida’s House Insurance and Banking Committee passed the Bitcoin reserve bill, HB487, unanimously.
The bill must pass through three more committees before it can advance to Florida’s House.
WATCH: Florida House Committee APPROVES Bitcoin Reserve Bill
The Insurance and Banking Committee gave a unanimous vote for HB 487 today
Featuring compelling testimony from bill sponsor Rep. Webster Barnaby pic.twitter.com/myAlNvtFl9
Similar to New Hampshire’s legislation, HB487 would enable Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds—including the General Revenue Fund and the Budget Stabilization Fund—into Bitcoin.
The bill’s sponsor, Republican Representative Webster Barnaby, urged the Committee before the vote to “support this vital bill,” claiming it would position Florida at the forefront of this emerging technology.
Florida’s bill grants the financial chief of the state the authority to invest in digital assets directly, through approved custodians, or via exchange-traded products, while also detailing the security and custody stipulations.
As noted by Bitcoin Laws, an organization monitoring the progress of digital asset legislation, Arizona is currently leading the charge to become the first US state to establish a strategic Bitcoin reserve.
On March 24, Arizona’s House Rules Committee approved two bills concerning digital asset reserves, SB1373 and SB1025, which are now on their way to be voted on by the full state House.
If these bills pass the House, they will require the signature of Arizona’s Democratic governor, Katie Hobbs, to become law.
