The Bitcoin reserve bill HB302 may permit up to 10% of state funds to be invested in digital assets.
New Hampshire’s Bitcoin reserve bill, House Bill 302, has successfully passed through the state’s House of Representatives, making it the fourth state to move forward with such legislation.
On April 10, the vote was 192-179 in favor of the bill, following a decisive 16-1 vote from the House Commerce and Consumer Affairs Committee in March. The bill is now set to progress to the Senate for additional discussions before it could potentially receive a signature from Governor Kelly Ayotte.
Should it be approved, HB302 would empower the state treasurer to invest up to 10% of New Hampshire’s general fund and other sanctioned funds in digital assets. This would encompass Bitcoin as well as precious metals such as gold, silver, and platinum.
For cryptocurrency to qualify for the reserve, it must possess a market capitalization of no less than $500 billion, a benchmark currently only achieved by Bitcoin.
Proponents of the bill claim it could create new streams of revenue and diversify the state’s financial portfolio. Republican Representative Jordan Ulery stated it might generate substantial returns for the state through strategic investments in assets such as Bitcoin.
At the same time, New Hampshire is evaluating additional blockchain-related proposals, encompassing bills on stablecoins and broader blockchain regulations.
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