Efforts to establish state-owned Bitcoin reserves are increasing in the United States, with both Florida and New Hampshire making significant advances this week.
On April 10, the House of Representatives in New Hampshire voted 192–179 to approve House Bill 302 (HB 302).
The bill previously secured the backing of the Commerce and Consumer Affairs Committee and is now set to be reviewed by the state Senate. Should it pass that stage, it will be forwarded to Governor Kelly Ayotte for final consent.
HB 302 empowers the state treasurer to allocate as much as 10% of state funds towards a mix of digital assets and precious metals.
However, the legislation imposes strict criteria. Only cryptocurrencies with a market cap of at least $500 billion are eligible for investment, and at present, Bitcoin is the sole digital asset meeting these requirements.
The bill also outlines specific custody procedures, stating that digital assets must be stored directly by the state treasurer using secure storage options, through a qualified custodian, or via a registered exchange-traded product.
Additionally, it permits the treasurer to engage in lending or staking, as long as the state maintains legal ownership and utilizes an approved third-party service.
With this development, New Hampshire now becomes the fourth state to advance such legislation in one legislative chamber, following in the footsteps of Arizona, Oklahoma, and Texas.
Florida’s Bitcoin Reserve Bill
Florida’s proposed Strategic Bitcoin Reserve bill HB487 has also made headway.
The bill was unanimously approved by the state’s Insurance and Banking Subcommittee, setting the stage for further consideration on the House floor.
This marks a notable moment, as it’s the first time a state SBR bill has advanced past a committee without any opposition, indicating surprising bipartisan backing. Historically, similar proposals have faced pushback from Democratic lawmakers, largely due to concerns regarding the volatility and associated risks of digital assets.
According to the legislation, Bitcoin is viewed as a protective measure against inflation by sovereign states and major institutional players such as BlackRock and Franklin Templeton. The bill underscores the necessity of providing the state with access to financial tools like Bitcoin to help safeguard its finances against inflationary pressures.
Representative Webster Barnaby, who sponsors the bill, believes this initiative could cement Florida’s status as a frontrunner in the realm of digital finance. The proposal also provides explicit custody guidelines and allows for investment either through direct acquisition or regulated investment vehicles.