New Hampshire has become the first state in the United States to include "digital gold" Bitcoin in its state fiscal reserves, establishing a legal status and policy framework for Bitcoin. According to the drafter of the bill, the core purpose of this policy is to provide the state fiscal system with a tool to hedge against inflation and diversify its investment portfolio.
Author: Weilin, PANews
Cover: Photo by Steve Harvey on Unsplash
New Hampshire, USA is the birthplace of the Bretton Woods Agreement. In July 1944, representatives from 44 countries held the United Nations and Allied Monetary and Financial Conference at the Mount Washington Hotel in Bretton Woods Park, New Hampshire, USA, establishing a fixed exchange rate system pegged to the US dollar and gold, and laying the foundation for the US dollar's status as a global reserve currency.
After more than 80 years, on the evening of May 6, New Hampshire became the first state in the United States to include "digital gold" Bitcoin in the state's fiscal reserves, establishing a legal status and policy framework for Bitcoin. New Hampshire Governor Kelly Ayotte officially signed HB 302, announcing that the state will establish a "strategic Bitcoin reserve" and allocate no more than 5% of state fiscal funds to hold precious metals, Bitcoin and other digital assets with a market value of more than $500 billion (currently only Bitcoin meets the criteria).
New Hampshire Signs HB 302: The First State Bitcoin Strategic Reserve Bill in the U.S.
At the federal level in the United States, President Trump signed an executive order on March 6, 2025 to formally establish a strategic Bitcoin reserve and other cryptocurrencies. Although crypto-supportive lawmakers in various states have drafted state-level Bitcoin strategic reserve bills, they have encountered resistance in the near future.
But on May 6, New Hampshire made history with a bill called HB 302. The New Hampshire Treasury Department held about $3.6 billion in its latest annual report, meaning the state could buy up to about $181 million worth of precious metals or Bitcoin.
The bill was first sponsored by several Republican members, including Representatives Keith Ammon (drafter of the bill), Calvin Beaulier, Mark Warden, Jason Osborne, and State Senators Daryl Abbas, Kevin Avard, etc. Based on the version provided by the advocacy organization Satoshi Action, the bill has been simplified to make it easier to understand, accept, and implement in the legislative process.
The New Hampshire Treasury Department is authorized under the bill to invest in Bitcoin and other digital assets with a market value of more than $500 billion. Currently, only Bitcoin can meet this market value threshold. According to the drafters of the bill, the core purpose of this policy is to provide the state fiscal system with a tool to hedge against inflation and diversify its investment portfolio.
The law requires that any Bitcoin or digital assets included in the reserve must be held in custody within the U.S. regulatory system, including multi-signature wallets controlled by state governments, qualified custodians, or U.S. listed traded products (ETPs). This move is intended to provide taxpayers with the highest level of security, long-term stability, fiscal responsibility, and transparency.
From idea to legislation: A review of the passage of HB 302
HB 302 was introduced into the House of Representatives in January. In New Hampshire, for a bill to be passed, it must first be drafted. The draft can be proposed by the 400 members of the House of Representatives or the 24 senators in the New Hampshire General Court. If the head of a state agency, the governor, citizens or interest groups want to propose legislation, they must find a member of the House to serve as a sponsor.
The bill then goes to the legislature: the drafted bill is first sent to the clerk of the Senate or the House of Representatives, depending on the chamber the senator is from. The bill is formally introduced when the House of Representatives passes a motion to consider the bill by number only.
After that, all bills referred to committees must have public hearings unless two-thirds of the members present agree to suspend the rules. New Hampshire is one of the few states that requires public hearings for all bills.
The next step is the bill and committee deliberation: Committee deliberations are held in executive session, and a majority of committee members must be present to take action. The public can observe the final vote. The committee submits a report to the House Clerk, with a conclusion of "Ought to pass", "Ought to pass as amended", "Inexpedient to legislate", "Refer to interim study", or "Re-refer to Committee"
The bill is then considered in the House: after the committee report is published in the Parliamentary Calendar, the bill can be considered the next day. Major amendments proposed by the committee must be listed in the Calendar. All bills must pass both the House and Senate in exactly the same text before they can be sent to the Governor for signature. After the bill is passed by both houses, it is sent to the Committee on Enrolled Bills for registration and format review.
The bill is ultimately accepted or rejected. If the Legislative Assembly has not adjourned, the governor has five days to decide whether to sign the bill, veto it, or not sign it.
Earlier on May 4, according to documents on the Arizona official website, Arizona Governor Katie Hobbs vetoed Senate Bill 1025 (SB 1025), which would have allowed public funds to be invested in virtual currencies. Hobbs said in her veto statement that the Arizona Retirement System is one of the strongest retirement systems in the United States, thanks to its sound and wise investment strategy. She emphasized that the state's retirement funds are not suitable for trying unproven investments such as virtual currencies.
On May 6, Florida House Bill 487 and Senate Bill 550 were "indefinitely postponed and withdrawn for consideration" on May 3. The two bills were originally planned to allow the state treasury to invest up to 10% of public funds in Bitcoin to establish a state-level crypto reserve. However, the Florida Legislature did not pass the relevant legislation before the end of the meeting on May 2, and has officially withdrawn from the state-level Bitcoin reserve bill competition. Similar bills have also failed in South Dakota, Montana and other places.
It may trigger a nationwide imitation. The core promoter, Congressman Keith, still has two encryption bills to be reviewed
HB 302 is not only a breakthrough in local fiscal strategy, but is also considered a new benchmark for digital asset policies in states across the United States. Dennis Porter, CEO and co-founder of Satoshi Action, celebrated it: "Satoshi Action drafted the model, New Hampshire wrote it into law, and now treasurers across the country can follow this roadmap. HB 302 proves that you can protect taxpayer funds while diversifying reserves and safeguarding the future of state finances - all while embracing the most secure currency network on the planet. New Hampshire didn't just pass a bill, it sparked a movement."
Satoshi Action is a nonprofit policy organization dedicated to promoting Bitcoin-friendly legislation and helped draft the model for this bill. Across the country, the organization has helped promote the passage of six Bitcoin-supportive laws and has facilitated the introduction of more than 20 Bitcoin Reserve bills, continuing to promote robust, bipartisan policy development in the digital asset space.
Behind the implementation of HB 302 is a group of legislators who have long supported digital assets. Among them, Congressman Keith Ammon is the drafter of the bill. He represents the 40th District of Hillsborough and has always played a role as a promoter in the legislative process. He is also the chairman of the New Hampshire Blockchain Council and a member of the Commerce and Consumer Affairs Committee. In addition, Jason Osborne, the majority leader of the State House of Representatives, and Ian Huyett, a member of the New Hampshire Blockchain Council, also played a key role in the deliberation of the bill.
It is worth mentioning that HB 302 is just one of the many crypto-friendly bills that Keith is promoting. Keith currently has two other Bitcoin and blockchain-related bills in progress, both of which have passed the House of Representatives and are currently under review in the Senate:
HB310 establishes a commission to study the possibility of creating a regulatory framework for stablecoins, tokenized real-world assets, and blockchain-based trusts in New Hampshire. Currently under consideration in the Senate; House status: Passed/passed with amendments. Last hearing on April 29, 2025.
Keith said the privacy issue of stablecoins is of vital importance to him and he plans to have in-depth discussions with relevant experts in Wyoming.
Bill HB639 is a bill on the use of blockchain and digital currency and related disputes. The bill adds a new chapter called "Blockchain Foundation Law" to the New Hampshire legal system, aiming to establish a new legal framework to protect the rights and interests of blockchain technology and its users. It is currently under review in the Senate and has been passed/adopted by the House of Representatives. The last hearing will be on April 29, 2025.
The bill is based half on the model provided by Satoshi Action and the other half on the advice of other experts. The bill is currently facing some resistance in the Senate, as some environmentalists are concerned about the noise pollution and environmental impact of crypto mining.
In general, with the official signing of HB 302, New Hampshire has not only taken a key step in fiscal policy, but also opened up a new situation for the legalization of Bitcoin in public asset allocation. The implementation of this bill not only demonstrates the state's policy foresight in the field of digital finance, but may also inspire other states to follow suit, which may become an important historical process in the era of digital currency.
Disclaimer: As a blockchain information platform, the articles published on this site only represent the personal opinions of the author and the guest, and have nothing to do with the position of Web3Caff. The information in the article is for reference only and does not constitute any investment advice or offer. Please comply with the relevant laws and regulations of your country or region.
Welcome to join the Web3Caff official community : X (Twitter) account | WeChat reader group | WeChat public account | Telegram subscription group | Telegram exchange group
