New Hampshire’s HB302 Advances with a 16-1 Committee Vote

Allowing Bitcoin and Gold in State Reserves

New Hampshire’s House of Representatives has advanced a bill that could make the state one of the first in the United States to allocate treasury funds to Bitcoin (BTC) and precious metals.

House Bill 302 (HB302) received a decisive 16-1 vote of approval from the Commerce and Consumer Affairs Committee on March 5. The bill will now move forward with an amendment and has been placed on the Consent Calendar, increasing its chances of swift passage.

If enacted, the legislation would allow the state treasurer to invest up to 10% of public funds in gold, silver, platinum, stablecoins, and digital assets that meet strict market capitalization thresholds. The proposal signals a shift in state-level investment strategies—growing institutional interest in alternative assets.

Bitcoin Bulls Weigh In

The bill has attracted attention from industry advocates and cryptocurrency policy groups. For example, Dennis Porter, CEO of the Satoshi Act Fund, confirmed his organization’s involvement in shaping the legislation and praised Representative Ammon for his leadership.

The bill’s security and risk management provisions suggest collaboration with industry experts, particularly in defining digital asset custody requirements. Strong support from financial and cryptocurrency policy groups could influence other states considering similar legislation.

What’s Inside HB302?

The legislative journey of HB302 began on January 7 when it was introduced with exclusively Republican sponsorship. Primary sponsorship came from Representative Keith Ammon, with co-sponsorship from Representatives Calvin Beaulier, Mark Warden, Jason Osborne, Joe Sweeney, and Joe Alexander, along with Senators Daryl Abbas, Kevin Avard, and Keith Murphy—all Republicans.

Under HB302, the state treasury could allocate a portion of public funds into alternative assets. These include gold, silver, and platinum, stored physically or through exchange-traded products. It would also allow investment in stablecoins, providing exposure to digital dollar equivalents. Bitcoin and other digital assets with a market cap exceeding $500 billion are also eligible for investment. This ensures the state focuses on established cryptocurrencies rather than speculative tokens.

A 10% investment cap balances potential gains with risk management, allowing exposure to alternative assets without over-leveraging taxpayer funds. This cautious approach contrasts sharply with Montana’s failed Bitcoin reserve bill, which was rejected by a vote of 41-59 on February 25.

HB302 enforces strict security measures for managing Bitcoin and precious metals. Digital assets must be stored using one of three approved methods: direct state custody, qualified custodians, or through exchange-traded products. If opting for direct custody, the bill requires multi-party governance for transaction approvals, along with regular security audits and encrypted environments to prevent cyber threats. Similar security rules apply to precious metals, stored in state-controlled vaults or by trusted custodians.

Is New Hampshire Winning the State Crypto Race?

With HB302 advancing, New Hampshire joins a growing list of states exploring official cryptocurrency adoption. While some jurisdictions have pursued regulatory clarity, few have proposed direct state investment in Bitcoin or digital assets. New Hampshire’s approach stands out because it treats Bitcoin as a strategic reserve asset rather than just a regulatory concern. The $500 billion market cap threshold effectively limits initial investments to Bitcoin but leaves room for future expansion if other digital assets grow in scale.

Markets Are Watching

While the 10% cap limits the immediate market effect, the symbolic value of state-level Bitcoin investment could have broader implications. If HB302 becomes law, it could influence other states to consider similar policies, accelerating Bitcoin’s integration into government finance.

The bill also allows the state to generate yield from its holdings through lending or staking, provided the assets remain under state control. This provision reflects a sophisticated understanding of digital asset markets beyond simple price speculation.

New Hampshire’s move coincides with recent federal developments favoring crypto-friendly policies. Just days ago, the U.S. Senate voted 70-27 to repeal the IRS’s controversial DeFi broker rule, a decision backed by the White House. President Trump’s administration has signaled a pro-crypto stance, labeling the IRS rule an “11th-hour attack on the crypto community.”

What Happens Now?

With HB302 advancing under strong committee support, the bill now faces further legislative review. Its placement on the Consent Calendar increases the likelihood of passage, though a final vote in the full House and Senate will determine its fate.