Legislative efforts to introduce state-level Bitcoin reserves are gaining traction across the United States, with both New Hampshire and Florida advancing bills aimed at enabling their respective governments to hold Bitcoin as part of financial reserves.
On April 10, New Hampshire’s House passed bill HB302 in a narrow 192-179 vote. The legislation will now proceed to the state Senate for further deliberation.
If approved by Governor Kelly Ayotte, this bill would empower the state treasurer to invest up to 10% of New Hampshire’s general fund and other approved state funds into precious metals and digital assets.
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Bitcoin Stands Alone as Only Eligible Asset Under $500B Market Cap Rule
The bill limits investments to cryptocurrencies with a market capitalization exceeding $500 billion, a threshold that currently only Bitcoin meets.
The legislation also outlines secure custodian practices for these assets. However, it has sparked some debate: Democratic Representative Terry Spahr criticized the measure, asserting that the state treasurer already possesses the authority to invest in alternative assets. Conversely, Republican Representative Jordan Ulery argued that the bill could provide the state with significant returns through well-placed crypto investments.
New Hampshire now joins Arizona, Texas, and Oklahoma as the fourth state to pass a Bitcoin reserve bill through at least one legislative chamber.
WATCH: Florida House Committee PASSES Bitcoin Reserve Bill
The Insurance and Banking Committee unanimously approved HB 487 today, with moving testimony from bill sponsor Rep. Webster Barnaby.
Florida is also advancing two additional bills concerning blockchain—HB310 which addresses stablecoins and asset tokenization, and HB639 focusing on regulations and dispute resolution mechanisms.
Florida Committee Unanimously Approves Bill to Allow State Bitcoin Investments
On the same day, Florida’s House Insurance and Banking Committee unanimously passed HB487, a bill allowing the Chief Financial Officer and the State Board of Administration to invest up to 10% of select funds into Bitcoin.
The bill still needs to pass through two more committees before it can reach the entire House for a vote. Its sponsor, Republican Representative Webster Barnaby, emphasized the importance of the bill as a means to position Florida at the forefront of digital financial innovation.
The proposal specifies how the digital assets will be managed, encompassing direct investments through qualified custodians and exchange-traded products.
According to legislative tracker Bitcoin Laws, Arizona continues to lead states pursuing formal Bitcoin reserves. There, two related bills—SB1373 and SB1025—are awaiting a full vote after passing the House Rules Committee. If approved, they will require Governor Katie Hobbs’ signature to become law.
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Key Takeaways
- New Hampshire and Florida are moving forward with bills to authorize state-level Bitcoin reserves, allowing up to 10% of designated funds into Bitcoin.
- New Hampshire’s legislation limits investments to cryptocurrencies with a market cap over $500 billion, with Bitcoin as the only qualifying asset.
- Florida’s bill includes specific management and investment rules, while Arizona remains the leader in formalizing Bitcoin reserves legislation.
