On Monday, New Hampshire made history by becoming the first state to establish a crypto sanctuary, marking a significant win for digital assets while other states have turned down similar measures.
“New Hampshire is once again the first in the country!” exclaimed New Hampshire Governor Kelly Ayotte in a post on X on Tuesday. “We have just enacted a new law that will enable our state to invest in cryptocurrency and precious metals.”
The newly enacted law, known as HB 302, permits state accountants to invest up to 5% of New Hampshire’s funds in precious metals and digital assets, provided the combined market capitalization exceeds $500 billion. Bitcoin has been specified as the asset to help build the state’s reserves.
A Republican representative from New Hampshire celebrated the passage of the bill, stating, “The Live Free or Die State is taking the lead in shaping the future of commerce and digital assets.”
While New Hampshire moves forward, several other states are working on similar legislation but are encountering challenges. For instance, Arizona’s Governor Katie Hobbs recently vetoed a bill that would have allowed the state to utilize seized cryptocurrency funds.
Additionally, Florida has withdrawn two bills regarding crypto preparation, while states like Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming have also rejected similar proposals.
This push for cryptocurrency is echoed at the federal level, where President Trump signed an executive order in March to create reserves for various digital assets.
Trump’s order diverges from New Hampshire’s legislation; it mandates that Bitcoin seized by federal agencies during financial crime investigations be utilized to establish these reserves.
Nonetheless, his order permits the Treasury and Commerce Departments to “develop budget-neutral strategies for acquiring additional Bitcoin.”
The Trump administration contends that these initiatives will not impose extra costs on taxpayers. David Sacks, Trump’s Crypto and AI Czar, mentioned that the U.S. government is estimated to hold approximately 200,000 Bitcoins, valued at over $17 billion, but a complete audit is required for precise figures.
In line with Trump, several national leaders are increasingly engaging with the cryptocurrency sector as the industry strives to move past its earlier controversies and establish itself as a credible financial avenue.
