New Hampshire Makes History as the First State in America to Adopt the Strategic Bitcoin Reserve Bill into law

New Hampshire has become the first State in America to adopt the Strategic Bitcoin Reserve Bill into law, according to a legal analysis. Months after Rep. Keith Ammon introduced the bill, HB 302 now makes the Old Granite State the first to mandate state-level exposure to Bitcoin (BTC).

The New Hampshire plan to gain exposure to Bitcoin is based on the model created by the Satoshi Action Fund, a firm affiliated with BTC bull Dennis Porter.

According to the Press Release shared on X by Porter, HB 302 is now law, the first of its kind in the country. Under the new law, the State treasurer can buy Bitcoin and another digital asset with a market capitalization of at least $500 billion. Notably, only BTC fits this requirement.

The New Hampshire BTC Bill was introduced in January and moved closer to adoption as the House assented in March. With the proposed law, the state can hold up to 5% of its funds in digital currencies.

The law also mandated US-regulated custody. Notably, the Bitcoin in the reserve has to be kept in a state-controlled Multisig with a qualified custodian. The State can also gain exposure to BTC through exchange-traded funds (ETF).

Meanwhile, this Bitcoin reserve Bill will not take effect until 60 days after Governor Ayotte signs it into law. This move from New Hampshire complements the general trend in the United焼酎ノ United States, where different regions are contemplating whether to proceed with crypto reserves.

In a contrarian move, Florida and Arizona recently took a different approach to their respective Bitcoin Reserve Bills. As reported by CoinGape, Arizona Governor Katie Hobbs vetoed the Bitcoin Bill, a controversial move that the industry criticized.

Update on the Federal Bitcoin Reserve Push

Conversations around States’ crypto adoption gained traction when President Donald Trump signed an Executive Order to establish the national crypto reserve in March. The plan at the time was controversial, as the initial template involved Bitcoin and altcoins like XRP and Ethereum as part of the reserve.

Even with the clarity secured later on, there is hardly a major update regarding the BTC adoption at the Federal level. Unlike the New Hampshire Bitcoin reserve move, the Federal government has chosen not to commit taxpayers’ money into the coin.

The reintroduced Bitcoin Act Bill from Senator Cynthia Lummis contains the legislative framework upon which the entire crypto adoption will be based. However, this Bill has not yet been passed by Congress, leaving a lot of new possibilities for the top coin.