The House of New Hampshire and Florida’s House Insurance and Banking Committee have both moved forward with legislation that would enable their states to establish Bitcoin reserves.
On April 10, New Hampshire’s House passed its Bitcoin reserve bill, HB302, by a narrow margin of 192-179, advancing it to the Senate. This makes New Hampshire the fourth state to pass a Bitcoin (BTC) reserve bill through one legislative chamber, joining Arizona, Texas, and Oklahoma.
If HB302 receives approval from New Hampshire’s Senate and is signed into law by Governor Kelly Ayotte, it would permit the state treasurer to allocate 10% of the state’s general fund, along with other authorized funds, for investments in precious metals and select digital assets. The bill also stipulates guidelines for the custody of these assets.
The bill specifies that only cryptocurrencies with a market capitalization exceeding $500 billion would qualify for investment, a threshold that only Bitcoin currently satisfies.
New Hampshire’s House votes to pass HB302, the state’s Bitcoin reserve bill. Source: New Hampshire House of Representatives
During a debate prior to the vote, Democrat Representative Terry Spahr expressed concerns that the bill is unnecessary and could jeopardize the future security of the state’s digital assets portfolio.
“Unbeknownst to the committee and to the sponsor, the treasurer testified that they already have that authority,” Spahr remarked. He further cautioned that the rapidly changing nature of cryptocurrency poses risks, suggesting the bill locks the state into inflexible security measures.
In contrast, Republican Representative Jordan Ulery argued that the bill is essential, citing its potential to generate significant revenue for the state through these investments.
Additionally, New Hampshire has two other blockchain-related bills under consideration: HB310, addressing stablecoins and real-world asset tokenization (RWA), and HB639, focusing on blockchain regulation and dispute resolution.
Florida House Committee Advances Bitcoin Reserve Bill
In a parallel development on April 10, Florida’s House Insurance and Banking Committee unanimously passed the state’s Bitcoin reserve bill, HB487.
This bill must navigate through three additional committees before it can progress to Florida’s House for consideration.
Similar to New Hampshire’s legislation, HB487 would allow Florida’s chief financial officer and the State Board of Administration to invest up to 10% of designated state funds—including the General Revenue Fund and Budget Stabilization Fund—into Bitcoin.
The bill’s sponsor, Republican Representative Webster Barnaby, urged the Committee to support the bill, claiming it would “position Florida at the forefront of this emerging technology.”
Related: US federal agencies to report crypto holdings to Treasury by April 7
Florida’s legislation grants the state’s financial chief the authority to invest in digital assets directly, via qualified custodians, or through exchange-traded products, while also outlining security and custody requirements.
According to Bitcoin Laws, which monitors the progression of digital assets legislation, Arizona is currently in the lead to become the first U.S. state to implement a strategic Bitcoin reserve.
Source: Bitcoin Laws
On March 24, two bills regarding digital asset reserves, SB1373 and SB1025, successfully passed Arizona’s House Rules Committee and are now heading to the state’s House for a full vote.
If these bills clear the House, they will require the signature of Arizona’s Democratic governor, Katie Hobbs, to become law.
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