New Hampshire‘s Bitcoin Reserve Bill Heads to Full Senate Vote
The potential for New Hampshire to become a leader in state-level crypto investment took a step forward as House Bill 302 (HB 302), which would allow the state to allocate a portion of its funds to digital assets, passed a key Senate committee vote on April 23rd. The bill now advances to a full Senate vote and, if approved, will require Governor Chris Sununu’s signature to become law.
The legislation, initially introduced in January, garnered considerable attention after clearing the New Hampshire House earlier this month in a tight 192–179 vote. The bill proposes allowing the state treasury to invest up to 10% of the state’s general funds in cryptocurrencies with a market cap exceeding $500 billion—a threshold currently met only by Bitcoin (BTC).
Opposition and Supporters: A Divided House
Despite its passage through the House, HB 302 faces opposition from some lawmakers, particularly Democrats. Democratic Representative Terry Spahr expressed concerns about the bill’s potential to undermine the future security of the state’s digital asset stockpile, arguing that the state treasurer already possesses sufficient authority to manage investments.
Supporters, however, argue that the bill could generate significant returns for the state. Republican Representative Jordan Ulery, a proponent of the bill, maintains that investments in crypto could net the state a “large amount of money.”
Beyond Bitcoin: Other Blockchain Bills in Play
New Hampshire isn’t solely focused on Bitcoin. The state legislature currently has two more blockchain-related bills under consideration: HB 639, which addresses blockchain dispute resolution and regulatory frameworks, and HB 310, which focuses on real-world asset tokenization and stablecoin usage. These bills signal a growing interest in exploring the broader potential of blockchain technology within the state.
The Broader Picture: A Shift in State Crypto Policy
New Hampshire‘s progress comes as Arizona pursues a more aggressive approach towards crypto adoption. The state is exploring the creation of a strategic Bitcoin reserve, potentially positioning itself as the first U.S. state to implement such a policy. These developments highlight a growing trend among U.S. states to explore how they can leverage crypto assets for public investment and treasury management.
The outcome of the New Hampshire Senate vote will be a key indicator of how state governments across the U.S. are navigating the evolving landscape of crypto policy. Whether the state chooses to embrace Bitcoin or take a more cautious approach, the debate surrounding HB 302 will undoubtedly have implications for the future of crypto adoption within the U.S.
