New Hampshire Advances Bill for State Cryptocurrency Investment Reserve

New Hampshire's House Bill 302, which would permit the state treasurer to invest up to 10% of general funds in cryptocurrencies with market capitalizations exceeding $500 billion, has cleared its second Senate committee. The bill passed in a 4-1 vote on April 23 and now advances to a full Senate vote.

The legislation was introduced in January and previously passed the New Hampshire House in a close 192-179 vote earlier this month. If approved by the full Senate, the bill will then require the governor's signature to become law.

The bill has generated debate among state lawmakers. Democratic Representative Terry Spahr opposed the measure, arguing that it's unnecessary because the state treasurer already possesses authority to manage investments without additional legislation.

On the other side, Republican Representative Jordan Ulery supported the bill, suggesting that cryptocurrency investments could generate significant returns for the state. He noted that such investments could bring in a "large amount of money" for New Hampshire.

According to Bitcoin Laws, which monitors digital asset legislation progress, New Hampshire has two additional blockchain-related bills moving through its legislature. HB 639 addresses blockchain dispute resolution and regulatory frameworks, while HB 310 focuses on real-world asset tokenization and stablecoin usage.

New Hampshire's approach differs from Arizona's more ambitious plan. Arizona is currently exploring the creation of a strategic Bitcoin reserve with the goal of becoming the first US state to adopt such a policy.

If enacted, House Bill 302 would represent a significant step for state-level cryptocurrency adoption, allowing New Hampshire to diversify its investment portfolio with high-value digital assets alongside traditional investments and precious metals.

The movement toward cryptocurrency adoption is gaining momentum internationally. In Sweden, MP Rickard Nordin recently proposed adding Bitcoin to the country's foreign exchange reserves, noting its potential as an inflation hedge and its role in supporting free speech in repressive regimes.