The proposal allowing state investments in Bitcoin passes the committee with a 16-1 vote, moving closer to a full House vote.
On March 5, a New Hampshire House committee approved the state bill for creating a strategic reserve of Bitcoin and other digital assets with a 16-1 vote. The proposal, introduced by Republican Keith Ammon, now heads to the House for a full vote.
The House Commerce and Consumer Affairs Committee gave the green light to bill HB 302, as reported by Bitcoin Laws.
If passed, the law would grant the State Treasurer the discretion to invest up to 5% of funds from the general fund, the revenue stabilization fund, or any other legislature-authorized fund into digital assets.
Although Bitcoin is not explicitly mentioned in the bill, the eligibility criteria state that only digital assets with an average market capitalization of at least $500 billion in the past calendar year can be considered for investment. Currently, Bitcoin is the only asset meeting this requirement.
The bill also specifies that any acquired digital asset must be custodied by a qualified custodian or held in an Exchange-Traded Product (ETF). Additionally, it would authorize the New Hampshire treasurer to invest in precious metals.
During the committee session, Ammon emphasized that the bill was revised to exclude stablecoins and staking. Initially, it allowed the treasurer to allocate up to 10% of selected funds, but this was later reduced to 5%.
New Hampshire now joins Oklahoma, North Carolina, and Texas among the states awaiting a full House vote on similar legislation.
