New Hampshire Becomes the First U.S. State to Pass Bitcoin Strategic Reserve Bill
The founder of the Satoshi Action Fund, Dennis Porter, announced that New Hampshire has become the first state in the United States to pass the Strategic Bitcoin Reserve bill. Several other states, including Arizona, Illinois, Maryland, Michigan, and Texas, are also considering similar legislative frameworks drafted by the pro-Bitcoin nonprofit organization Satoshi Action Fund.
New Hampshire to Launch Bitcoin & Digital Assets Reserve Fund Legislation
Dennis Porter, founder of the Satoshi Action Fund dedicated to promoting Bitcoin legislative frameworks in the United States, announced that New Hampshire will initiate the Bitcoin & Digital Assets Reserve Fund bill. Satoshi Action Fund stated in a press release on Tuesday that New Hampshire’s governor signed HB 302, establishing the first legislative framework for Bitcoin and digital asset reserves in the United States, modeled after the Strategic Bitcoin Reserve (SBR).
Other States Can Adopt Similar Legislative Frameworks
New Hampshire Governor Kelly Ayotte signed HB 302, which allows the state treasurer to invest public funds in precious metals and digital assets with a market capitalization exceeding $500 billion, a threshold currently met only by Bitcoin. The bill authorizes the state treasurer to invest 10% of the state’s general fund and other authorized funds.
Satoshi Action drafted the legislative framework model, which New Hampshire has now codified into law, allowing financial officers nationwide to follow the same path. Satoshi Action co-founder Dennis Porter stated that HB 302 demonstrates the ability to protect taxpayer money, achieve reserve diversification, and ensure the future development of the state treasury while embracing the safest monetary network on the planet. New Hampshire has not only passed this bill but has also sparked a revolutionary movement.
Investment Options Under the Bill
According to the bill, the state can directly invest in Bitcoin or invest in Bitcoin through exchanges. The treasury department can either self-custody the fund or entrust it to a qualified custodian.
Arizona has a Bitcoin reserve bill, SB 1373, which has been decided by the legislature but has not yet been sent to the governor for signature. Bitcoin Law notes that SB 1373 still has a chance of passing as it does not involve reserves for state pensions like the vetoed SB 1025.
Earlier this month, the New Hampshire House of Representatives passed HB 302 with a vote of 192 in favor and 179 against, sending it to the Senate, which passed the bill on April 23 with a vote of 4 in favor and 1 against. Representative Keith Ammon is the primary sponsor of the bill.
Other states, including Arizona, Illinois, Maryland, Michigan, and Texas, are also considering strategic cryptocurrency initiatives. On Monday, the Florida Senate indefinitely postponed two cryptocurrency-related bills that would help Florida establish a Bitcoin reserve.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, with prices subject to significant volatility, and you may lose all your principal. Please assess the risks carefully.