On May 6, New Hampshire officially became the first state to legally establish a strategic Bitcoin Reserve.
Governor Ayottee signed House Bill 302 (HB 302) into law to create the nation’s first Bitcoin & Digital Assets Reserve Fund based on a framework lifted directly from Satoshi Action’s Strategic Bitcoin Reserve (SBR) model bill.
The bill allows the state treasurer to allocate up to 5% of New Hampshire’s total funds into Bitcoin and other digital assets with a market capitalization above $500 billion.
It also mandates that these holdings be kept with U.S.-regulated custodians or through exchange-traded products. This approach will ensure the security of the crypto reserve.
HB 302 is drafted from the Strategic Bitcoin Reserve (SBR) model bill developed by nonprofit Satoshi Action. It reflects a buzzing trend of integrating decentralized money into public finance.
“Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap. HB 302 proves you can protect taxpayer money, diversify reserves, and future-proof state treasuries-all while embracing the most secure monetary network on Earth. New Hampshire didn’t just pass a bill; it sparked a movement,” said Dennis Porter, CEO & Co-Founder of Satoshi Action.
The law will take effect in 60 days, which gives the state time to prepare its infrastructure for securely acquiring and holding Bitcoin.
Some popular faces behind this bill include Rep. Keith Ammon, an early Bitcoin advocate who first introduced the model legislation in 2022, and Majority Leader Jason Osborne, who helped steer it through the legislative process.
According to the official document, Bitcoin’s scarcity and resistance to inflation can make it a strong hedge in uncertain economic times, like high inflation.
UK Says No To Bitcoin Reserve
The UK has decided not to create a national Bitcoin reserve, which sets it apart from the U.S. government’s recent crypto-friendly stance. Treasury Minister Emma Reynolds announced at the Digital Asset Summit, saying that while the US supports blockchain innovation, it won’t stockpile Bitcoin or other cryptocurrencies.
Treasury officials believe building a Bitcoin reserve does not fit the UK’s financial system and could harm long-term market stability.
Instead, the UK will focus on strong regulations and using blockchain technology in public services.
Also Read: Charles Schwab to Launch Spot Crypto Trading in 12 Months
