On March 5, a committee from the New Hampshire House voted 16-1 in favor of the state’s Bitcoin reserve bill, advancing it to the House for a complete floor vote.
The approval of House Bill 302 by the House Commerce and Consumer Affairs Committee positions it among seven active US state bills that have reached the House stage, according to Bitcoin Laws.
If the bill is approved, it would empower New Hampshire’s treasurer to invest up to 5% from the general fund, revenue stabilization fund, or any additional funds sanctioned by the legislature.
NEW HAMPSHIRE Update:
The Bitcoin Reserve Bill HB302 has successfully passed through the House Commerce and Consumer Affairs Committee.
The vote tally was 16 – 1 pic.twitter.com/7DpzFzxgda
Although Bitcoin BTCUSD is not explicitly referenced in the bill, it specifies that only digital assets with an average market cap of $500 billion over the preceding year can be considered, with Bitcoin being the sole asset currently fitting this description.
Any digital asset acquired needs to be secured by a qualified custodian or take the form of an exchange-traded product.
Additionally, the bill would permit New Hampshire’s treasurer to invest in precious metals such as gold, silver, and platinum.
Introduced on January 10 by Republican Keith Ammon, House Bill 302 was co-sponsored by Democrats Chris McAleer and Carry Spier.
During the House committee session on March 5, Ammon highlighted that the bill was revised to exclude stablecoins and staking opportunities.
He also mentioned that New Hampshire Treasurer Monica Mezzapelle has shown interest in investing in assets outlined in the bill, should it gain approval.
Initially, the bill allowed the treasurer to invest up to 10% of these funds, but it was later amended to 5%.
New Hampshire follows North Carolina, Oklahoma, and Texas in awaiting full votes from their respective legislative bodies, while bills in Utah and two in Arizona have already progressed past this stage.
This state-level regulatory advancement coincides with US President Donald Trump’s announcement on March 2 regarding a Crypto Strategic Reserve that would encompass Bitcoin, Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA).
Nonetheless, it is likely to consist mainly of Bitcoin, according to Bitwise’s Chief Investment Officer Matt Hougan on March 5.
