New Hampshire becomes the first state in the United States to pass a Bitcoin strategic reserve.

The founder of the Satoshi Action Fund, Dennis Porter, announced that New Hampshire has become the first state to pass the Strategic Bitcoin Reserve bill. Several states, including Arizona, Illinois, Maryland, Michigan, and Texas, are also considering similar legislative frameworks, which have been drafted by the pro-Bitcoin nonprofit organization Satoshi Action Fund.

New Hampshire has become the first state in the United States to pass a law allowing the use of Bitcoin reserves.

Dennis Porter, the founder of the Satoshi Action Fund, which is dedicated to promoting a legislative framework for Bitcoin in the United States, announced that New Hampshire will launch the Bitcoin & Digital Assets Reserve Fund bill. The Satoshi Action Fund stated in a release on Tuesday that the governor of New Hampshire signed HB 302, establishing the first legislative framework for Bitcoin and digital asset reserves in the United States, which is modeled after Satoshi Nakamoto's Strategic Bitcoin Reserve (SBR)).

Other states in the United States will adopt the same legislative framework.

New Hampshire Governor Kelly Ayotte signed HB 302, which allows the state treasurer to invest public funds in precious metals and digital assets with a market value exceeding $500 billion. Currently, only Bitcoin meets this threshold. The bill authorizes the state treasurer to invest 10% of the state government's general fund and other authorized funds.

Satoshi Action drafted a model of the legislative framework, New Hampshire incorporated it into law, and now every treasurer in the country can follow the same line. Dennis Porter, co-founder of Satoshi Action, said HB 302 proves it can protect taxpayer money, diversify reserves, and secure the future growth of state treasuries while embracing the safest money network on the planet. New Hampshire not only passed the bill, but also sparked a revolutionary movement.

According to the bill, the state can invest in Bitcoin directly or through exchanges. The treasury department may either hold the fund themselves or entrust it to a qualified custodian.

Arizona has another Bitcoin reserve bill SB 1373, which has been decided by the legislature but has not yet been sent to the governor for signature. The Bitcoin Law states that SB 1373 still has a chance to pass, as it does not involve the kind of reserves for state pensions that were vetoed in SB 1025.

Earlier this month, the New Hampshire House of Representatives passed HB 302 with a vote of 192 in favor and 179 against, and submitted it to the Senate, which passed the bill on April 23 with a vote of 4 in favor and 1 against. Representative Keith Ammon is the primary sponsor of the bill.

Other states such as Arizona, Illinois, Maryland, Michigan, and Texas are also considering strategic cryptocurrency plans. On Monday, the Florida Senate indefinitely postponed two cryptocurrency-related bills that would help the state establish Bitcoin reserves.

This article discusses how New Hampshire became the first state in the United States to pass a Bitcoin strategic reserve. It first appeared on Chain News ABMedia.