Based on latest crypto reports, New Hampshire’s House Commerce and Consumer Affairs Committee passed House Bill 302 (HB 302) 16-1 on March 5, 2025. The bill is now on the House floor for a full vote. The bill allows New Hampshire’s state treasurer to invest up to 5% of state funds into digital assets. Although the bill doesn’t mention Bitcoin, it limits eligible investments to digital assets that have an average market cap of $500 billion over the past year; making Bitcoin the only qualifying asset today.
What the Bitcoin Bill Says
According to available data, HB 302 doesn’t mention Bitcoin but restricts investments to digital assets with an average market cap of $500 billion over the last calendar year. Right now, Bitcoin is the only asset that meets this requirement, so it’s the only eligible asset.
Under the bill:
– Investments can be made from the general fund, revenue stabilization fund, or any other authorized funds.
– Acquired digital assets must be held by a qualified custodian or in the form of an ETF.
– The bill also allows investments in precious metals like gold, silver and platinum.
Legislative Progress and Amendments
The bill was reportedly filed on Jan 10 by Republican Rep Keith Ammon and co-sponsored by Democrat Reps Chris McAleer and Carry Spier. During the March 5 committee meeting, Ammon said the bill had been altered to:
– Remove stablecoins from the list of eligible assets.
– Remove staking as an investment option.
– Reduce the investment cap from 10% to 5%.Ammon also stated that New Hampshire State Treasurer Monica Mezzapelle is interested in using the bill if it passes the House and Senate.
The National Scene: Where Other States Stand
New Hampshire is not alone in Bitcoin integration at the state level. Other states have bills moving:
– Awaiting House Votes: North Carolina, Oklahoma, Texas
– Bills Already Passed the House: Utah (1 bill), Arizona (2 bills)
As states continue to explore Bitcoin investments, the trend of digital assets in state treasuries is growing.
NH is moving at a time of increased federal discussion around Bitcoin and digital assets. On March 2, US President Donald Trump announced the creation of a Crypto Strategic Reserve that would include Bitcoin, Ethereum, XRP, Solana, and Cardano.
However, Matt Hougan, Chief Investment Officer at Bitwise, said the reserve would be almost entirely Bitcoin.
The timing of this is recognition of Bitcoin as an institutional-grade asset, with states and federal policy makers exploring its inclusion in government treasuries.
What the New Hampshire Bitcoin Bill Means
If passed, HB 302 could set a precedent for other states considering Bitcoin. Here’s how:
– Legitimizes Bitcoin as a treasury asset: Official state investment would mean Bitcoin is here to stay.
– Encourages institutional adoption: More governments investing in Bitcoin will drive broader institutional interest.
– Shapes future crypto legislation: The bill could pave the way for more comprehensive state regulations on digital asset management.
HB 302 Risks
Despite the upside, there are:
– Market Volatility: Bitcoin’s price volatility will be a risk to state funds so there’s need for robust risk management.
– Regulatory Uncertainty: While there’s momentum at state and federal level, clear and consistent regulations are key to long term success.
Custodial and Compliance: To be compliant and mitigate risk, digital assets must be held by qualified custodians or via exchange-traded products.
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Expert Insights and Industry Perspectives
Industry experts have weighed in on state-backed digital asset investments. Representative Keith Ammon, who introduced HB 302, said in a recent statement:
“HB 302 isn’t just about investing in a digital asset; it’s about creating a new era where state treasuries use blockchain to secure and grow public funds. This is forward thinking and can be the starting gun for national adoption.”
Matt Hougan of Bitwise noted that the recent federal announcement about a Crypto Strategic Reserve; though focused on Bitcoin, shows that digital assets are becoming fundamental to modern finance. Federal action could give states like New Hampshire the regulatory clarity they need to move forward.
Coinbase too has been pushing for regulatory clarity. While their focus has been on tokenized securities, their ongoing conversations with regulators are part of the overall industry effort to create a balanced framework for digital asset investments.
Conclusion: What’s Next?
The bill now goes to the NH House of Representatives for a full floor vote. If it passes, it will go to the Senate and then to the Governor.
HB 302 is a pivot point for state-backed digital asset investments. By allowing the state treasurer to invest up to 5% of public funds into digital assets; limited to Bitcoin, New Hampshire is getting ahead of the curve.
There are challenges; volatility, regulatory uncertainty, compliance, but the potential is big. By using digital assets, states can be more efficient, lower costs, and more stable. HB 302 could be the model for how traditional finance and blockchain meet to drive innovation and economic growth.
As HB 302 moves through the process, stakeholders from across the financial sector will be watching. The outcome of this bill could change not just New Hampshire’s treasury strategy but the nation’s approach to digital assets in the public sector.
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FAQs
1. What is House Bill 302 (HB 302)
HB 302 allows New Hampshire’s state treasurer ‘to invest up to 5% of state funds into Bitcoin, gold, silver, platinum, or exchange-traded products.
2. Does HB 302 mention Bitcoin?
No, but it restricts investments to digital assets with a $500 billion market cap over the last year. Bitcoin is the only cryptocurrency that ‘meets this criteria.
3. Who introduced and co-sponsored the bill?
Introduced by Keith Ammon and co-sponsored by Chris McAleer and Carry Spier.
4. What happens if it passes?
If passed by the House and Senate, New Hampshire’s treasurer can invest state funds in Bitcoin and other eligible assets.
5. Where do other states stand?
Other states, NC, OK, TX, have similar bills pending. UT and AZ have already passed related legislation.
Glossary
Bitcoin (BTC): A decentralized digital currency with no central authority.
Custodian: A financial institution that holds assets.
Exchange-Traded Product (ETP): A financial instrument that tracks an asset’s ‘value and can be traded on stock exchanges.
Stablecoin: A cryptocurrency ‘pegged to a stable asset, like the US dollar, to reduce price volatility.
Treasury Reserve: A pool of funds managed ‘by a government entity to maintain financial stability.
References
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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