New Hampshire Bitcoin Bill Passes House Committee in Strong Vote

New Hampshire's Bitcoin reserve bill has moved one step closer to becoming law after passing the House Commerce and Consumer Affairs Committee by a decisive 16-1 vote on March 5. House Bill 302, which aims to allow the state's treasurer to invest in Bitcoin and other digital assets, will now be put to a full vote in the House.

The passage of the bill marks a significant milestone in the growing wave of state-level legislative activity surrounding Bitcoin and other cryptocurrencies. New Hampshire now joins a list of U.S. states actively pursuing Bitcoin-related legislation, with this bill becoming one of seven currently under consideration at the state level, according to Bitcoin Laws.

Key Provisions of the Bill

If passed, the bill would grant New Hampshire’s state treasurer the authority to allocate up to 5% of the general fund, the revenue stabilization fund, or any other legislatively authorized funds into digital assets. While Bitcoin is not explicitly mentioned in the bill, the wording of the legislation specifies that only digital assets with an average market capitalization of $500 billion over the past year would be eligible for inclusion. Given Bitcoin’s market dominance, it is the only cryptocurrency that currently meets this criterion.

The bill further stipulates that any digital assets acquired under this provision must be held by a qualified custodian or in the form of an exchange-traded product (ETP), ensuring that proper safeguards are in place to protect the state’s investments. In addition to digital assets, the bill would also allow the state to invest in precious metals such as gold, silver, and platinum.

Legislative Journey and Amendments

House Bill 302 was introduced by Republican Representative Keith Ammon on January 10, 2025, and has gained bipartisan support, with co-sponsorship from Democrats Chris McAleer and Carry Spier. During the March 5 committee session, Ammon clarified that the bill had been amended to remove provisions related to stablecoins and staking, simplifying the legislation. He also noted that New Hampshire’s Treasurer, Monica Mezzapelle, had expressed interest in utilizing the bill’s provisions to invest in digital assets, should the bill be passed into law.

Originally, the bill proposed allowing the treasurer to allocate up to 10% of the funds into digital assets. However, this allocation limit was reduced to 5% during the amendment process.

State-Level Bitcoin Legislation Gaining Momentum

New Hampshire is not alone in considering Bitcoin-related legislation. The state joins North Carolina, Oklahoma, and Texas, which are all awaiting a full vote in their respective legislative bodies. Meanwhile, Utah and Arizona have already passed similar bills, further indicating the momentum building for cryptocurrency adoption at the state level in the U.S.

The regulatory progress at the state level comes as cryptocurrency is increasingly being recognized by both government and industry leaders. On March 2, U.S. President Donald Trump announced plans for a “Crypto Strategic Reserve,” which would include Bitcoin along with other major cryptocurrencies like Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). However, according to Bitwise's chief investment officer Matt Hougan, the reserve is likely to be made up almost entirely of Bitcoin, signaling the cryptocurrency’s growing importance in the U.S. financial system.

Looking Ahead

As New Hampshire’s Bitcoin bill heads to the full House for a vote, the growing support for state-level cryptocurrency legislation suggests that the U.S. is on the verge of significant regulatory changes. Should the bill pass, New Hampshire would become one of the first states to establish a formal framework for investing in digital assets, potentially paving the way for other states to follow suit.

As more states explore Bitcoin adoption, the pressure may mount on federal regulators to take a more active role in shaping the future of cryptocurrency in the U.S. With growing bipartisan support and a shifting regulatory landscape, the next few months could prove to be a defining period for the future of Bitcoin and its role in public finance.