New Hampshire’s House Bill 302 enables the state to invest up to 10% of its funds in cryptocurrencies, including Bitcoin. The bill has passed through key committees and awaits a full Senate vote. While it has garnered support for potential high returns, critics caution about impacts on financial management. Other crypto legislation is also being reviewed both locally and internationally.
The New Hampshire Senate is gearing up for a vote on House Bill 302, a piece of legislation that would permit the state to invest up to 10% of its treasury in cryptocurrencies, including Bitcoin. This represents a significant shift in the state’s financial strategy, particularly as the bill recently passed through a second Senate committee with a 4-1 vote, now moving towards a full Senate vote.
If enacted, the law will empower the state treasurer to reallocate a portion of the state’s investment portfolio from traditional assets to digital currencies and precious metals. However, the bill stipulates that only cryptocurrencies with a market capitalisation exceeding $500 billion, like Bitcoin, would be eligible for investment.
House Bill 302’s journey began in January when it was initially approved by the House Commerce and Consumer Affairs Committee with a striking 16-1 vote. Following that, on April 10, it passed the full House with a close vote of 192-179. The second Senate committee reviewed and approved the bill on April 23. If the Senate gives the thumbs up, the legislation will head to the governor for final say.
Despite its support, critics have voiced concerns about the bill’s potential effects on the state’s financial management. Democratic Representative Terry Spahr has remarked that the bill may be unnecessary as the state treasurer already has financial authority. In contrast, Republican Representative Jordan Ulery argues that the investment in cryptocurrency could yield significant returns for the state treasury.
Looking ahead, other blockchain-related bills like House Bills 310 and 639 are under consideration, focusing on stablecoins and tokenized assets among other regulations. In Illinois, the Digital Assets and Consumer Protection Act is advancing, aimed at curbing scams and providing better governance in the crypto sector.
At the international level, significant shifts are also underway. In South Korea, presidential candidate Hong Joon-pyo is calling for deregulation to bolster blockchain innovation, bolstering his broader strategy which includes the adoption of disruptive technologies such as AI and quantum computing.
It’s worth noting that Coinspeaker is dedicated to delivering objective reporting. This article is intended to inform but should not be construed as financial advice. Readers are encouraged to verify information independently and seek professional counsel before taking any investment actions.
