Efforts to create a state-owned Bitcoin reserve have gained traction in the US, with Florida and New Hampshire taking important steps this week.
On April 10, New Hampshire House lawmakers approved House Bill 302 (HB 302) with a narrow 192-179 votes.
The bill passed the Commerce Committee on Commercial Consumer Affairs in advance and moved to the state Senate for further deliberation. If that hurdle is cleared, it will be sent to Governor Kelly Ayot for final approval.
HB 302 grants state accounting authority to allocate up to 10% of state assets to digital assets and precious metal combinations.
However, strict guidelines will be implemented. Only cryptocurrencies with a market capitalization of at least $500 billion are eligible for investment. Currently, Bitcoin is the only digital asset that meets this threshold.
Meanwhile, the bill also outlines how states should handle custody. Digital assets must be held directly by the state treasurer, using secure storage, via a qualified custodian or via a registered exchanger.
Additionally, if the state maintains legal ownership and uses approved third-party solutions, the treasurer can engage in loans or staking.
This advancement will make New Hampshire the fourth state to pass such laws in one chamber of commerce, following Arizona, Oklahoma and Texas.
Florida Bitcoin Reserve Law
Florida’s strategic Bitcoin Reserve Building HB487 has also made progress.
The state’s insurance and banking subcommittee unanimously approved it, clearing the path to further review on the House floor.
This is the first time the state’s SBR bill has passed the committee phase without opposition, showing rare bipartisan support. Previously, most proposals of this nature have encountered resistance from Democrats, primarily due to concerns about digital assets volatility and risk exposure.
Bitcoin is considered a hedge against inflation by Sovereign State and major institutional players, including BlackRock and Franklin Templeton. The law highlights the importance of providing access to the state to tools like Bitcoin, and helps protect finances from inflation.
Webster Barnaby, the bill sponsor, believes the move could position Florida as a leader in digital finance. The proposal also includes clear custody guidelines, allowing investments either through direct purchases or regulated investment products.
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