New Hampshire and Florida advance state-owned Bitcoin reserve bills
Efforts to create state-owned Bitcoin reserves are gaining traction in the United States, with Florida and New Hampshire taking significant steps this week.
On April 10, New Hampshire’s House of Representatives approved House Bill 302 (HB 302) with a narrow 192–179 vote.
The bill passed the Commerce and Consumer Affairs Committee earlier and moved to the state Senate for further deliberation. If that hurdle is cleared, it will go to Governor Kelly Ayotte for final approval.
HB 302 gives the state treasurer authority to allocate up to 10% of state funds into a combination of digital assets and precious metals.
However, it enforces strict guidelines. Only cryptocurrencies with a minimum market capitalization of $500 billion qualify for investment. Currently, Bitcoin is the only digital asset that meets this threshold.
Meanwhile, the bill also outlines how the state should handle custody. Digital assets must be held directly by the state treasurer using secure storage, via a qualified custodian, or through a registered exchange-traded product.
It further allows the treasurer to engage in lending or staking, provided the state retains legal ownership and uses an approved third-party solution.
With this progress, New Hampshire becomes the fourth state to pass such legislation in one chamber, following Arizona, Oklahoma, and Texas.
Florida’s Bitcoin Reserve Bill
Florida’s Strategic Bitcoin Reserve bill HB487 has also made progress.
The state’s Insurance and Banking Subcommittee unanimously approved it, clearing the way for further review on the House floor.
This marks the first time a state SBR bill has passed a committee stage without opposition, signaling rare bipartisan support. Previously, most proposals of this nature have encountered resistance from Democrat lawmakers, primarily due to concerns about digital asset volatility and risk exposure.
According to the bill, Bitcoin is considered a hedge against inflation by sovereign states and major institutional players, including BlackRock and Franklin Templeton. The legislation emphasizes the importance of giving the state access to tools like Bitcoin to help protect its finances from inflation.
Representative Webster Barnaby, the bill’s sponsor, believes this move could position Florida as a leader in digital finance. The proposal also includes clear custody guidelines and allows investment either through direct purchase or regulated investment products.
The post New Hampshire and Florida advance state-owned Bitcoin reserve bills appeared first on CryptoSlate.
Read More
Illinois Senate Passes Crypto Regulation Bill to Combat Fraud and Rug Pulls
New Hampshire and Florida advance state-owned Bitcoin reserve bills
Efforts to create state-owned Bitcoin reserves are gaining traction in the United States, with Florida and New Hampshire taking significant steps this week.
On April 10, New Hampshire’s House of Representatives approved House Bill 302 (HB 302) with a narrow 192–179 vote.
The bill passed the Commerce and Consumer Affairs Committee earlier and moved to the state Senate for further deliberation. If that hurdle is cleared, it will go to Governor Kelly Ayotte for final approval.
HB 302 gives the state treasurer authority to allocate up to 10% of state funds into a combination of digital assets and precious metals.
However, it enforces strict guidelines. Only cryptocurrencies with a minimum market capitalization of $500 billion qualify for investment. Currently, Bitcoin is the only digital asset that meets this threshold.
Meanwhile, the bill also outlines how the state should handle custody. Digital assets must be held directly by the state treasurer using secure storage, via a qualified custodian, or through a registered exchange-traded product.
It further allows the treasurer to engage in lending or staking, provided the state retains legal ownership and uses an approved third-party solution.
With this progress, New Hampshire becomes the fourth state to pass such legislation in one chamber, following Arizona, Oklahoma, and Texas.
Florida’s Bitcoin Reserve Bill
Florida’s Strategic Bitcoin Reserve bill HB487 has also made progress.
The state’s Insurance and Banking Subcommittee unanimously approved it, clearing the way for further review on the House floor.
This marks the first time a state SBR bill has passed a committee stage without opposition, signaling rare bipartisan support. Previously, most proposals of this nature have encountered resistance from Democrat lawmakers, primarily due to concerns about digital asset volatility and risk exposure.
According to the bill, Bitcoin is considered a hedge against inflation by sovereign states and major institutional players, including BlackRock and Franklin Templeton. The legislation emphasizes the importance of giving the state access to tools like Bitcoin to help protect its finances from inflation.
Representative Webster Barnaby, the bill’s sponsor, believes this move could position Florida as a leader in digital finance. The proposal also includes clear custody guidelines and allows investment either through direct purchase or regulated investment products.
The post New Hampshire and Florida advance state-owned Bitcoin reserve bills appeared first on CryptoSlate.
Read More