New Hampshire Enacts Groundbreaking Cryptocurrency Legislation
In a groundbreaking move for the cryptocurrency landscape in the United States, New Hampshire has enacted HB 302, pioneering a policy framework that interlaces state currency with Bitcoin. This legislation aligns the state with the Satoshi Action’s Strategic Bitcoin Reserve (SBR) Model Act, positioning New Hampshire as the first state to officially endorse a ‘live free or die’ mindset towards digital currency.
Key Provisions of HB 302
As outlined in the provisions of HB 302, New Hampshire’s treasury is now empowered to invest in Bitcoin and other high-caliber digital assets, permitting up to $5 billion in Bitcoin purchases. This decision to acquire digital assets is capped at 5% of the state’s total financial reserves, ensuring that Bitcoin serves as a complementary strategy to the state’s broader investment portfolio.
Moreover, the bill mandates that any digital assets acquired must comply with U.S. regulatory custody requirements. This entails that Bitcoin holdings must be secured within a state-controlled multi-signature wallet or managed via U.S.-based exchange-traded products to enhance both security and transparency for the state’s financial operations. The provisions of the law will come into effect 60 days post-enactment, thereby establishing a defined operational protocol for managing the reserve.
Reactions to the Legislation
Dennis Porter, the CEO and Founder of Satoshi Action, hailed the legislation, stating, “New Hampshire did not merely legislate; it initiated a movement. The passage of HB 302 serves as a template for all state treasurers aiming to embrace the most reliable monetary network in the world.”
Satoshi Action, the organization behind the SBR concept, is dedicated to advancing education around Bitcoin and fostering regulatory innovations related to digital assets. Its efforts include the successful enactment of six pro-Bitcoin laws and the introduction of over 20 Legislative models for Bitcoin reserves. With an extensive outreach yielding 220,000 letters to voters and 12 scholarly articles, Satoshi Action has emerged as a pivotal advocate for effective and bipartisan Bitcoin policy.
