New Hampshire Bill Proposes Bitcoin Reserves for Investment in State Treasury
According to a bill filed on January 9, New Hampshire State Representative Keith Ammon would strategically reserve digital assets with an average annual market capitalization of over $500 billion and U.S.-pegged stablecoins in the state treasury. was introduced.
The bill limits investments in alternative assets to 10% of total public funds, or about $360 million, according to the Treasury Department. ending balance As of June 30th.
The bill also emphasizes that these assets must be held through a “secure custody solution” that ensures exclusive access to cryptographic private keys, qualified custodians, and registered exchange-traded products (ETPs).
ETPs must be approved by regulatory agencies such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
Only Bitcoin meets the requirements.
According to CryptoSlate According to the data, only Bitcoin (BTC) meets the market capitalization requirements of the proposed law for cryptocurrencies. State treasuries may also add stablecoins such as Tether USD (USDT) and USD Coin (USDC).
The bill also allows states to invest in traditional precious metals such as gold, silver, and platinum in addition to cryptocurrencies.
The proposal also opens the door for New Hampshire to participate in staking, despite Bitcoin being the only cryptocurrency making the cut and not based on a proof-of-stake consensus mechanism.
By incorporating staking, New Hampshire can add cryptocurrencies such as Ethereum (ETH) and Solana (SOL) in scenarios where their market capitalization meets the criteria and earn passive returns based on their holdings.
The bill also proposes lending digital assets as another option, if in both cases the state retains legal ownership and works with a third-party provider.
not cunning
Welcoming Dennis Porter, CEO and Co-Founder of Satoshi Action Fund bill and stated A high market capitalization requirement was reportedly added to limit national investment in Bitcoin. He explained that in some U.S. states it is not possible to name assets on bills.
In response to comments that this was a “secret way” to add Bitcoin to the treasury, Porter said: explained:
“Not in a ‘secret’ way. Some states will require the development of very general technology-neutral legislation in their policies. It is a way to reduce political friction. Some bills are Bitcoin-specific, some are based on market capitalization. “We are working with lawmakers to ensure they have confidence in passing the bill.”
New Hampshire is the latest state to propose legislation to establish a Bitcoin strategic reserve. Porter said 10 U.S. states are prepared to introduce similar legislation focused on Bitcoin strategic reserves in the coming weeks and months.
CEO Mike Cavell introduction A similar bill was introduced in Pennsylvania on November 14, 2024 by Representative Giovanni Capriglione Followed with similar legislation Less than a month later in Texas.
Meanwhile, Alabama State Auditor Andrew Sorrell recently Proposed Creation BTC Strategic Reserve and Florida Chief Financial Officer Jimmy Patronis defend For the same decision.
