New Hampshire and Florida have advanced bills to allow for state Bitcoin reserves, with New Hampshire’s HB302 passing the House and moving to the Senate, while Florida’s HB487 received unanimous committee approval. Both bills aim to allow states to invest a portion of their funds into Bitcoin. Arizona leads the charge with ongoing legislation as states compete to enter the cryptocurrency sphere.
An exciting development in the world of cryptocurrency as both New Hampshire and Florida make strides in Bitcoin legislation. Recently, New Hampshire’s House advanced bill HB302, allowing the state to create Bitcoin reserves, with a rather tight vote of 192-179. Now heading for deliberation in the Senate, New Hampshire is now among a select group of four states, along with Arizona, Texas, and Oklahoma, to pass such a bill through one legislative chamber.
If it gets past the Senate and is signed into law by Governor Kelly Ayotte, the New Hampshire Treasury could divert up to 10% of its general fund into precious metals and Bitcoin, specifically. A significant detail? Only Bitcoin currently qualifies since the bill stipulates that any cryptocurrency must possess a market cap exceeding $500 billion—something Bitcoin alone can claim at the moment.
Not everyone is sold on the idea, however. During the floor debate, Democrat Terry Spahr raised concerns, suggesting the legislation might actually jeopardize the state’s digital assets initiative. He claimed, “Unbeknownst to the committee and to the sponsor […] the treasurer testified that they already have that authority.”
Spahr also pointed out the rapidly changing nature of cryptocurrency, hinting that the bill could restrict future flexibility in managing the state’s digital investments. In a different camp, Republican Jordan Ulery was quick to defend the proposal, asserting potential revenue gains from such investments.
In a parallel move southward, Florida’s House Insurance and Banking Committee gave the thumbs-up to their own Bitcoin reserve legislation, HB487, on the same day. Passing unanimously, the bill still has to clear a few more hurdles before heading to the Florida House for a final vote.
Just like its New Hampshire counterpart, Florida’s HB487 would let the state’s financial chief invest up to 10% of specific state funds into Bitcoin. Representative Webster Barnaby, the bill’s sponsor, made an impassioned pitch, urging committee members to support a move that positions Florida as a frontrunner in adopting innovative tech.
The legislation outlines that investments could occur directly or through trusted custodians, underscoring stringent security and custody requirements for any digital assets involved. Interestingly enough, Arizona leads the charge in this Bitcoin reserve movement, with two bills currently sizzling through its legislative process.
The evolving landscape surrounding Bitcoin reserves is more than just numbers—it’s about the future of state investments and the growing acceptance of digital currencies at a legislative level. All eyes are now on these states to see how the bills progress and what that could mean for the broader crypto landscape.
In conclusion, both New Hampshire and Florida are advancing legislation that would allow state investments in Bitcoin. New Hampshire’s HB302, now waiting for Senate approval, seeks to establish a Bitcoin reserve by utilizing 10% of designated funds, while Florida’s HB487 has cleared one committee and promises a similar approach. These developments highlight a growing legislative interest in cryptocurrency and could set precedents for other states to follow. Arizona remains ahead in this legislative race, creating an interesting competitive dynamic.
Original Source: cointelegraph.com
