In the quaint halls of New Hampshire, a House committee, with a flourish reminiscent of a grand theatrical performance, passed the Bitcoin reserve bill with a resounding 16-1 vote on the fifth day of March. Ah, the drama! This makes New Hampshire the latest state to send its Bitcoin bill to the House, eagerly awaiting a full floor vote, as if it were a contestant in a beauty pageant.
The House Commerce and Consumer Affairs Committee, in its infinite wisdom, has deemed House Bill 302 worthy of its attention, placing it among the illustrious seven live US state bills that have made it to the House, according to the ever-reliable Bitcoin Laws. One can only imagine the committee members, clad in their finest attire, debating the merits of digital currency as if it were the most pressing issue of the day.
Should this bill pass, it would grant New Hampshire’s treasurer the delightful discretion to invest a modest 5% from the general fund, the revenue stabilization fund, or any other funds that the legislature deems fit. A veritable buffet of financial options! 🍽️
NEW HAMPSHIRE Update:
Bitcoin Reserve Bill HB302 has passed the House Commerce and Consumer Affairs Committee.
The vote was 16 – 1
— Bitcoin Laws (@Bitcoin_Laws) March 6, 2025
While the bill does not explicitly mention Bitcoin (BTC), it does stipulate that only digital assets boasting an average market cap of $500 billion over the past year are eligible for inclusion. Thus, Bitcoin, the lone wolf of the digital asset world, stands tall as the only contender meeting this lofty criterion. 🐺
Any digital asset acquired must be held by a qualified custodian or in the form of an exchange-traded product, ensuring that our dear treasurer does not go on a wild shopping spree in the digital marketplace.
Moreover, the bill would also allow New Hampshire’s treasurer to dabble in the glittering world of precious metals—gold, silver, and platinum—because why not diversify? After all, one can never have too many shiny things! 💰
Introduced by the ever-enthusiastic Republican Keith Ammon on January 10, this bill has garnered bipartisan support, with Democrats Chris McAleer and Carry Spier joining the fray. A true testament to the spirit of cooperation, or perhaps a shared love for digital currency?
During the committee session on March 5, Ammon, with a twinkle in his eye, noted that the bill was amended to remove stablecoins and the potential for staking. A wise move, one might say, as the world of stablecoins can be as unpredictable as a cat on a hot tin roof.
He further revealed that New Hampshire’s Treasurer, the illustrious Monica Mezzapelle, has expressed a keen interest in investing in the assets outlined in the bill, should it find favor with the House. A glimmer of hope for the future of New Hampshire’s financial landscape!
Initially, the bill proposed that the treasurer could allocate up to 10% of these assets into the selected funds, but alas, it was amended to a more conservative 5%. A classic tale of moderation in the face of exuberance!
New Hampshire now joins the ranks of North Carolina, Oklahoma, and Texas, all eagerly awaiting a full vote from their respective houses. Meanwhile, Utah and Arizona have already passed their bills, leaving New Hampshire to ponder its place in this grand narrative of digital finance.
As regulatory progress unfolds at the state level, one cannot help but chuckle at the timing of US President Donald Trump’s announcement of a Crypto Strategic Reserve on March 2, which would include Bitcoin, Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). However, it seems this reserve would likely be composed almost entirely of Bitcoin, as Bitwise’s chief investment officer, Matt Hougan, quipped on March 5. A delightful twist in the tale!
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2025-03-06 07:26