Source: Cointelegraph Original: "{title}"
The New Hampshire House and the Florida House Insurance and Banking Committee have both advanced bills allowing their respective states to create Bitcoin reserves.
The New Hampshire House passed its Bitcoin reserve bill HB302 on April 10 with a vote of 192 to 179, which will be sent to the Senate for consideration. The state thus becomes the fourth state to pass a one-chamber Bitcoin reserve bill, following Arizona, Texas, and Oklahoma.
If HB302 is approved by the New Hampshire Senate and signed into law by Governor Kelly Ayotte, the bill will allow the state treasurer to invest 10% of the state’s general fund and other authorized funds in precious metals and specific digital assets. The bill also specifies how these assets are to be custodied.
The bill states that only cryptocurrencies with a market capitalization exceeding $500 billion qualify for investment, and currently, only Bitcoin meets this standard.
The New Hampshire House voted to pass the state's Bitcoin reserve bill HB302. Source: New Hampshire House
During the debate before the vote, Democratic Representative Terry Spahr argued that the bill is unnecessary and could undermine the future security of the state's digital asset reserves.
“The committee and the proponents do not realize that the treasurer already has this authority,” Spahr stated, adding, “Cryptocurrency is constantly evolving, and it is quite dangerous to be bound by certain specific security measures, and I think this bill does just that.”
Republican Representative Jordan Ulery countered that the bill is necessary because it could bring significant investment returns to the state.
New Hampshire also has two blockchain-related bills currently in the legislative process—HB310, which involves stablecoins and real asset tokenization (RWA), and HB639, which pertains to blockchain regulation and dispute resolution.
Meanwhile, on April 10, the Florida House Insurance and Banking Committee unanimously voted to pass the state's Bitcoin reserve bill HB487.
The bill still needs to pass through three committees to advance further in the Florida House.
WATCH: Florida House Committee PASSES Bitcoin Reserve Bill The Insurance and Banking Committee passed HB 487 unanimously today Including moving testimony from bill sponsor Rep. Webster Barnaby pic.twitter.com/myAlNvtFl9
Similar to New Hampshire's bill, HB487 will allow Florida's Chief Financial Officer and the State Board of Administration to invest 10% of certain state funds—including the general revenue fund and budget stabilization fund—in Bitcoin.
The bill's sponsor, Republican Representative Webster Barnaby, urged the committee before the vote to “support this very important bill,” claiming it would “put Florida at the forefront of this new technology.”
The Florida bill grants the state treasurer the ability to directly invest in digital assets through certain qualified custodians or through exchange-traded products, and it details the security and custody requirements.
According to Bitcoin Laws, which tracks the progress of digital asset legislation, Arizona is currently leading the way to become the first state in the U.S. to establish a strategic Bitcoin reserve.
Source: Bitcoin Laws
On March 24, two digital asset reserve bills, SB1373 and SB1025, passed the Arizona House Rules Committee and are now set to go to the state House for a full vote.
If the House passes, the bill will require the signature of Arizona's Democratic Governor Katie Hobbs to become law.
Related: Shift in Bitcoin (BTC) trader sentiment points to the next step in the halving cycle.
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