The New Hampshire House of Representatives passed a Bitcoin reserve bill, and Florida is also making progress!

The New Hampshire (New Hampshire) House of Representatives passed a bill last Thursday called HB 302 to build up bitcoin reserves. In the House vote for HB 302 in New Hampshire, there was only 13 votes for and against it, with 192 supporters voting for the bill and 179 voting against. The bill, once passed, would allow New Hampshire's Treasury to invest in precious metals and bitcoin digital assets.

The Bitcoin Reserve Act was proposed by Republican representatives.

New Hampshire State Representative Keith Ammon stated to the media that whether people like it or not, Bitcoin should be pegged to the US dollar. If the bill passes, it will allow the state government to invest a small portion of its funds in a new asset class. The bill had previously passed the Commerce and Consumer Affairs Committee ( and was submitted to the state senate for further deliberation. If the senate also passes the bill, it will be submitted to Governor Kelly Ayotte for final approval.

Challenge of the New Hampshire Bitcoin Reserve Bill

According to the text of the House amendment, the Bitcoin reserve bill was proposed in January and, if passed, will allow the state treasury to allocate up to 5% of state public funds to qualified assets. The initial proposal suggested allocating 10% of state public funds. These funds can be used to purchase precious metals such as silver or gold, or any digital asset that had an average market value exceeding $500 billion in the previous year. If Bitcoin meets this standard, it can be considered reserve funds.

According to the recent annual report, the New Hampshire Department of Treasury holds approximately $3.6 billion in funds, which means the state could purchase about $181 million worth of precious metals or Bitcoin. However, due to the recent volatility in Bitcoin prices, there are still uncertainties for the future.

Bitcoin reserves must be custodied by qualified registered companies.

The Bitcoin bill in New Hampshire stipulates that digital assets must be held by qualified third-party custodians. The bill passed by the House also outlines how the state should handle custody, with digital assets required to be held directly by the State Treasurer through secure storage, qualified custodians, or registered exchanges. As long as the state retains legal ownership and uses approved third-party solutions, it also allows financial officers to participate in lending or staking.

New Hampshire has become the fourth state to pass such legislation in the House of Representatives, following Arizona, Oklahoma, and Texas.

The Bitcoin reserve bill in Florida has been initiated.

Progress has also been made on Florida's Bitcoin Reserve Act, HB487, which was unanimously passed by the state's Insurance and Banking Subcommittee, removing preliminary hurdles before further review by the House. This is the first time an SBR bill has passed a committee without any opposition. The bill rarely has bipartisan support. Previously, most such proposals have met with resistance from Democratic lawmakers, mainly due to concerns about the volatility and risk exposure of digital assets.

According to the bill, Bitcoin is viewed by sovereign nations and major institutional participants, including BlackRock and Franklin Templeton, as a tool for hedging against inflation. The bill emphasizes the importance of allowing nations to use tools like Bitcoin to help protect their finances from the effects of inflation.

The bill's sponsor is Republican Congressman Webster Barnaby, who believes this move could make Florida a leader in the digital finance sector. This proposal also includes explicit custody guidelines and allows for investments through direct purchases or regulated investment products.

This article discusses the New Hampshire House passing the Bitcoin Reserve Bill, and Florida also making progress! First appeared on Chain News ABMedia.