New Hampshire has signed the first state Bitcoin reserve bill in the United States, and more encryption legislation is brewing, which may trigger a wave of imitation among states.

Author: PANews

Reprinted: Lawrence, Mars Finance

New Hampshire has become the first state in the United States to include "digital gold" Bitcoin in its state financial reserves, establishing a legal status and policy framework for Bitcoin. According to the bill's sponsors, the core purpose of this policy is to provide a tool for the state financial system to hedge against inflation and diversify investment portfolios.

New Hampshire, USA, is the birthplace of the "Bretton Woods" Agreement. In July 1944, representatives from 44 countries convened at the Bretton Woods Park in New Hampshire, USA, at the Mount Washington Hotel for the United Nations and Allied Monetary and Financial Conference, establishing a system of fixed exchange rates linked to the US dollar and gold, and laying the foundation for the dollar's status as the 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 incorporate "digital gold" Bitcoin into its state financial 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," allocating no more than 5% of state financial funds for holding precious metals, Bitcoin, and other digital assets with a market value exceeding $500 billion (currently only Bitcoin meets the standard).

New Hampshire signs HB 302: The first state in the nation to implement a Bitcoin strategic reserve law.

At the federal level in the United States, President Trump signed an executive order on March 6, 2025, officially establishing a strategic reserve for Bitcoin and other cryptocurrencies. Although pro-crypto lawmakers in various states are drafting state-level Bitcoin strategic reserve legislation, they have recently encountered resistance.

But on May 6, the bill named HB 302 in New Hampshire made history. The New Hampshire Department of Treasury holds approximately $3.6 billion in funds in its latest annual report, which means the state could purchase up to about $181 million worth of precious metals or Bitcoin.

The bill was initially proposed by several Republican legislators, including Congressman Keith Ammon (the bill's drafter), Calvin Beaulier, Mark Warden, Jason Osborne, and State Senators Daryl Abbas and Kevin Avard. Based on the version provided by the advocacy organization Satoshi Action, the bill was simplified to make it easier to understand, accept, and implement in the legislative process.

The New Hampshire Department of Treasury is authorized under the framework of the bill to invest in Bitcoin and other digital assets with a market capitalization exceeding $500 billion. Currently, only Bitcoin meets this market cap threshold. According to the bill's sponsors, the core purpose of this policy is to provide a tool for the state’s financial system to hedge against inflation and diversify its investment portfolio.

The law requires that any Bitcoin or digital assets included in reserves must be custodial within the U.S. regulatory framework, including multi-signature wallets controlled by state governments, qualified custodians, or U.S. listed exchange-traded products (ETPs). This move aims to provide taxpayers with the highest level of security, long-term stability, fiscal responsibility, and transparency.

From Concept to Legislation: A Review of the HB 302 Passage Process

The HB 302 bill was introduced in the House in January. In New Hampshire, a bill requires a draft to be prepared first. The draft can be proposed by one of the 400 House members or 24 Senators of the New Hampshire General Court. If state agency heads, the governor, citizens, or interest groups wish to propose legislative suggestions, they must find a legislator to sponsor the proposal.

Subsequently, the bill is submitted to the legislative body: the drafted bill is first handed over to the clerks of the Senate or the House of Representatives, depending on which chamber the proposing member belongs to. When the House of Representatives passes a motion to consider a bill solely by its number, the bill is then officially introduced.

Afterwards, all bills submitted to the committee must hold a public hearing unless two-thirds of the attending members 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's consideration by the committee: the committee's review is conducted in an executive session, requiring a majority of members to be present to take action. The public may observe the final voting process. The committee submits a report to the clerk of the House, with conclusions that may include: "Ought to pass," "Ought to pass as amended," "Inexpedient to legislate," "Refer to interim study," or "Re-refer to Committee."

Subsequently, the bill is reviewed in the House: after the committee report is published in the "Legislative Calendar", the bill can be reviewed the next day. Major amendments proposed by the committee must be listed in the calendar. All bills must be passed in identical text by both houses before being submitted 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 formatting review.

The bill is ultimately accepted or vetoed. If the legislative council is not yet adjourned, the governor has 5 days to decide whether to sign the bill, veto the bill, or take no action.

On May 4, according to documents from the Arizona state government, Arizona Governor Katie Hobbs vetoed Senate Bill 1025 (SB 1025), which would have allowed public funds to be invested in virtual currencies. In her veto statement, Hobbs stated that the Arizona retirement system is one of the strongest retirement systems in the nation, thanks to its sound and prudent investment strategies. She emphasized that the state’s retirement funds are not suitable for trying out unproven investments like virtual currencies.

On May 6, the Florida House Bill 487 and Senate Bill 550 were "indefinitely postponed and withdrawn from consideration" as of May 3. These two bills were originally intended to allow the state treasury to invest up to 10% of certain public funds into Bitcoin, establishing a state-level crypto reserve. However, the Florida legislature did not pass the relevant legislation before the end of the meeting on May 2, officially withdrawing from the state-level Bitcoin reserve bill competition. Similar bills had previously failed in South Dakota, Montana, and other locations.

Or it may lead to nationwide imitation, with core promoter Congressman Keith still having two cryptocurrency bills pending review.

HB 302 is not only a breakthrough in local fiscal policy strategy, but it is also regarded as a new benchmark for digital asset policies across the United States. Dennis Porter, CEO and co-founder of Satoshi Action, celebrated this by stating: "Satoshi Action drafted the model, and New Hampshire has codified it into law, allowing financial officers across the country to follow this roadmap. HB 302 proves that you can diversify reserves while protecting taxpayer funds and safeguarding the future of state finances — all while embracing the safest currency network on the planet. New Hampshire has not only passed a bill; it has sparked a movement."

Satoshi Action is a non-profit policy organization dedicated to promoting Bitcoin-friendly legislation and has participated in drafting the model for this bill. Nationwide, the organization has assisted in the passage of six laws supporting Bitcoin and facilitated the introduction of over 20 Bitcoin reserve bills, continuously promoting robust, bipartisan policy development in the digital asset space.

Behind the promotion of the HB 302 bill is a group of legislators who have long supported digital assets. Among them, Representative Keith Ammon is the bill's drafter, representing the 40th district of Hillsborough, and has consistently played a role as a promoter during the legislative process. He is also the chairman of the New Hampshire Blockchain Council ( and a member of the Business and Consumer Affairs Committee. In addition, the House Majority Leader Jason Osborne and Ian Huyett, a member of the New Hampshire Blockchain Council, also played key roles in the bill's review.

It is worth mentioning that HB 302 is just one of the many crypto-friendly bills that Keith is advocating for. Currently, Keith has two more Bitcoin and blockchain-related bills in progress, both of which have passed the House and are now in the Senate review stage.

The bill HB310 proposes the establishment of a committee to study the feasibility of creating a regulatory framework for stablecoins, tokenized real assets, and blockchain-based trusts in New Hampshire. It is currently under consideration in the Senate; House status: Passed/Passed with amendments. The most recent hearing was on April 29, 2025.

Keith stated that the privacy issues surrounding stablecoins are crucial to him and plans to have in-depth discussions with relevant experts in Wyoming.

The bill HB639 is related to the use of blockchain and digital currencies and the associated controversies. This bill adds a chapter titled "Blockchain Basic Law" to the legal system of New Hampshire, 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, having already been passed/adopted by the House of Representatives. The most recent hearing was on April 29, 2025.

The content of this bill is half based on the model provided by Satoshi Action and half derived from the advice of other experts. The bill is currently facing some resistance in the Senate, with some environmentalists concerned about the noise pollution and environmental impact caused by crypto mining.

Overall, with the official signing of HB 302, New Hampshire has taken a crucial step in fiscal policy and opened a new chapter 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 encourage other states to follow suit, potentially becoming an important historical process in the era of digital currency.