Bitcoin reserve bills advance in New Hampshire, Florida

New Hampshire’s House and Florida’s House security and banking committee person respectively precocious bills allowing their states to make Bitcoin reserves.

New Hampshire’s House passed its Bitcoin reserve bill, HB302, in a 192-179 vote connected April 10 which volition present caput to the Senate. The authorities is present the 4th to walk a Bitcoin (BTC) reserve measure done 1 chamber, joining Arizona, Texas and Oklahoma.

If HB302 clears New Hampshire’s Senate and Governor Kelly Ayotte signs it into instrumentality it would let the state’s treasurer to usage 10% of the state’s wide money and different authorized funds to put successful precious metals and definite integer assets. The measure besides sets retired however they should beryllium custodied.

The measure specifies that lone cryptocurrencies with a marketplace capitalization of implicit $500 cardinal would beryllium eligible for investment, a criteria that lone Bitcoin presently meets.

New Hampshire’s House votes to walk HB302, the state’s Bitcoin reserve bill. Source: New Hampshire House of Representatives

In a statement anterior to the vote, Democrat Representative Terry Spahr argued that the measure is unnecessary and could undermine the aboriginal information of the state’s integer assets stockpile. 

“Unbeknownst to the committee and to the sponsor […] the treasurer testified that they already person that authority,” Spahr said. He added that cryptocurrency is “constantly shifting and changing, and it’s benignant of unsafe to beryllium benignant of locked into definite types of information measures, and I deliberation that measure does this.”

Republican Representative Jordan Ulery countered that the measure was indispensable arsenic it could make the “potential for a ample magnitude of wealth being earned by the authorities successful these investments.”

New Hampshire has 2 different blockchain-related bills moving their mode done the legislature — HB310, which covers stablecoins and real-world plus tokenization (RWA) and HB 639, which deals with blockchain regularisation and quality resolution.

Florida House Committee passes Bitcoin reserve bill 

Meanwhile connected April 10, Florida’s House Insurance and Banking Committee passed the state’s Bitcoin reserve bill, HB487, with a unanimous vote.

The measure has 3 committees to wide earlier it progresses to Florida’s House.

Similar to New Hampshire’s bill, HB487 would let Florida’s main fiscal serviceman and the State Board of Administration to put up to 10% of definite authorities funds — including the General Revenue Fund and the Budget Stabilization Fund — into Bitcoin.

The bill’s sponsor, Republican Representative Webster Barnaby pleaded with the Committee earlier the ballot “to ballot up connected this precise important bill” which helium claimed would “put Florida successful the starring borderline of this precise caller technology.”

Related: US national agencies to study crypto holdings to Treasury by April 7

Florida’s measure gives the state’s fiscal main the quality to put successful integer assets directly, done definite qualified custodians, oregon done exchange-traded products and details information and custody requirements.

According to Bitcoin Laws, which tracks the advancement of integer assets legislation, Arizona is presently starring the contention to go the archetypal US authorities to found a strategical Bitcoin reserve. 

Source: Bitcoin Laws

On March 24, 2 integer assets reserve bills, SB1373 and SB1025, cleared Arizona’s House Rules Committee and are present headed to the state’s House for a afloat level vote. 

If passed by the House, the bills would past request the signature of Arizona’s Democratic governor, Katie Hobbs to go law.

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