New Hampshire, Florida Advance Bitcoin Reserve Bills

New Hampshire’s House and Florida’s House insurance and banking committee have both made significant strides in advancing bills that would allow their respective states to create Bitcoin reserves. On April 10, New Hampshire’s House passed HB302, a Bitcoin reserve bill, with a vote of 192-179. This bill is now set to move to the Senate for further consideration. If approved by the Senate and signed into law by Governor Kelly Ayotte, the bill would enable the state’s treasurer to invest up to 10% of the state’s general fund and other authorized funds into precious metals and certain digital assets. The bill specifies that only cryptocurrencies with a market capitalization exceeding $500 billion would be eligible for investment, a criterion currently met only by Bitcoin.

Prior to the vote, there was a debate where Democrat Representative Terry Spahr argued that the bill was unnecessary and could jeopardize the future security of the state’s digital assets. He pointed out that the treasurer already has the authority to make such investments and that the volatile nature of cryptocurrency makes it risky to lock into specific security measures. In contrast, Republican Representative Jordan Ulery supported the bill, highlighting the potential for significant financial gains through these investments. New Hampshire also has two other blockchain-related bills in progress: HB310, which addresses stablecoins and real-world asset tokenization, and HB 639, which deals with blockchain regulation and dispute resolution.

Meanwhile, on the same day, Florida’s House Insurance and Banking Committee unanimously passed HB487, a Bitcoin reserve bill. This bill would allow Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds, including the General Revenue Fund and the Budget Stabilization Fund, into Bitcoin. The bill’s sponsor, Republican Representative Webster Barnaby, emphasized the importance of the legislation, stating that it would position Florida at the forefront of this new technology. The bill details security and custody requirements and allows the state’s financial chief to invest in digital assets directly, through qualified custodians, or through exchange-traded products.

Both New Hampshire and Florida are following in the footsteps of other states that have already taken steps towards establishing Bitcoin reserves. Arizona, Texas, and Oklahoma have previously passed similar bills through one chamber, with Arizona currently leading the race to become the first state to establish a strategic Bitcoin reserve. If these bills are successfully passed and signed into law, they could set a precedent for other states to follow, potentially leading to a broader adoption of Bitcoin as a reserve asset across the country.