New Hampshire Advances Bitcoin Reserve Bill to House Vote
New Hampshire has taken significant steps toward cryptocurrency integration as a Bitcoin reserve bill, known as House Bill 302, has successfully cleared the House Commerce and Consumer Affairs Committee. The committee approved the proposal on March 5 with an overwhelming 16-1 vote.
Introduced by Republican Keith Ammon on January 7, HB302 seeks to permit the state treasurer to allocate up to 5% of various funds—including the general fund and revenue stabilization fund—into digital assets and precious metals such as gold, silver, and platinum. The legislation stipulates that any cryptocurrency included in this reserve must have maintained an average market cap of at least $500 billion over the past year, a criterion that currently qualifies only Bitcoin.
The original version of the bill proposed a higher allocation of 10% and included provisions for stablecoins and staking options. However, an amendment has since reduced the allocation cap and removed these additional provisions. Also, the assets must be held by a qualified custodian or in an exchange-traded product.
With the committee’s approval achieved, HB302 is now poised for a full House vote. Should it pass, the bill will undergo further review by another committee before moving to the Senate for final approval.
As of now, New Hampshire joins six other states at the House level regarding Bitcoin-related legislation, including North Carolina, Oklahoma, and Texas. The states of Utah and Arizona have already progressed further in their legislative processes.
Utah is currently leading the charge in Bitcoin legislation, with its Senate Revenue and Taxation Committee recently approving a related bill (HB230) by a 4-2-1 vote.
In related developments, a major cryptocurrency announcement is anticipated at the upcoming White House Crypto Summit on March 7, where plans for a national Bitcoin reserve strategy may be unveiled, potentially including other cryptocurrencies alongside Bitcoin and Ethereum.
