New Hampshire’s Bitcoin Bill: A Comedy of Errors or a Financial Masterstroke? 😂

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  • In a dazzling display of bipartisan camaraderie, New Hampshire’s HB302 pirouettes forward with a 16-1 committee vote, ushering Bitcoin and gold into the state’s reserves like a magician pulling rabbits from hats.
  • With the bill’s bipartisan backing, one might wonder if the full House and Senate will join this merry dance of financial innovation.

New Hampshire lawmakers say ‘yes’ to State Bitcoin Reserve

Ah, the illustrious House of Representatives in New Hampshire, where dreams of digital gold and precious metals twinkle like stars in a clear night sky, has taken a bold step. They have advanced a bill that could catapult the state into the elite club of Bitcoin aficionados.

House Bill 302 (HB302) received a resounding 16-1 vote of approval from the Commerce and Consumer Affairs Committee on the 5th of March, a date that shall be etched in the annals of legislative history. The bill now sashays forward with an amendment, gracing the Consent Calendar, thus enhancing its chances of a swift passage—like a hot knife through butter.

Should this legislation be enacted, the state treasurer will be empowered to invest up to 10% of public funds in gold, silver, platinum, stablecoins, and digital assets that meet the stringent criteria of market capitalization. A veritable buffet of investment options!

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The bill’s security and risk management provisions suggest a collaboration with industry experts, particularly in defining digital asset custody requirements. The strong support from financial and cryptocurrency policy groups could very well influence other states contemplating similar legislation. A ripple effect, if you will!

What’s inside HB302?

The legislative journey of HB302 began on the 7th of January, introduced with an exclusively Republican sponsorship. The primary sponsorship came from the illustrious Representative Keith Ammon, with co-sponsorship from a veritable who’s who of Republican representatives and senators. A true bipartisan affair!

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Bitcoin and other digital assets with a market cap exceeding $500 billion are also eligible for investment. This ensures the state focuses on established cryptocurrencies, rather than the speculative tokens that dance on the fringes of legitimacy.

A 10% investment cap balances potential gains with risk management, allowing exposure to alternative assets without over-leveraging taxpayer funds. A prudent approach, indeed!

This cautious strategy stands in stark contrast to Montana’s failed Bitcoin reserve bill, which was rejected in a 41-59 vote on the 25th of February. A cautionary tale for the ages!

HB302 enforces strict security measures for managing Bitcoin and precious metals. Digital assets must be stored using one of three approved methods, ensuring that the state’s treasures are safeguarded like the crown jewels.

The first option is direct state custody, where the government retains exclusive control over cryptographic keys. The second involves using qualified custodians, ensuring secure third-party management. The third allows investment through exchange-traded products, providing Bitcoin exposure without the hassle of direct asset handling. A veritable buffet of choices!

For direct custody, the bill requires multi-party governance for transaction approvals, along

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2025-03-07 09:44