New Hampshire has recently taken a significant step forward in the realm of cryptocurrency by advancing a Bitcoin reserve bill to the House. The proposal, known as House Bill 302, was cleared by the House Commerce and Consumer Affairs Committee on March 5 with an impressive 16-1 vote. The bill, introduced by Republican Keith Ammon on January 7, aims to allow New Hampshire’s treasurer to invest up to 5% of the general fund, revenue stabilization fund, or any other legislatively authorized funds into eligible digital assets and precious metals such as gold, silver, and platinum.
In order to be included in the reserve, a cryptocurrency must have maintained an average market cap of at least $500 billion over the past calendar year. As of now, Bitcoin is the only asset that meets this criterion. Originally, the bill proposed a 10% allocation and included stablecoins and staking options. However, an amendment was made to reduce the allocation to 5% and remove these provisions.
Furthermore, HB302 stipulates that the assets must be held by a qualified custodian or in an exchange-traded product. Following the committee’s approval, the bill will now proceed to a full House vote. If approved, it will undergo another committee review before being presented to the Senate for a final vote.
New Hampshire joins a handful of U.S. states that have advanced Bitcoin-related bills to the House level. These states include North Carolina, Oklahoma, and Texas, with Utah and Arizona being the only two states that have successfully cleared this stage. Utah, in particular, has been at the forefront of pushing Bitcoin-related legislation. The state’s Senate Revenue and Taxation Committee recently approved the Blockchain and Digital Innovation Amendments bill (HB230) with a 4-2-1 vote.
In related news, President Trump is expected to unveil a Bitcoin reserve strategy at the upcoming White House Crypto Summit on March 7. In a recent post on Truth Social, the president hinted at the inclusion of altcoins like XRP, Solana, and Cardano alongside Bitcoin and Ethereum in the reserve. This move signals a growing acceptance and integration of cryptocurrencies into mainstream financial systems.