On May 7, 2025, New Hampshire Governor Kelly Ayotte signed HB 302, making the state the first in the U.S. to pass legislation for a "Strategic Bitcoin Reserve" (SBR). This historic breakthrough not only incorporates Bitcoin into state financial assets but also provides a blueprint for other states to explore digital asset reserves. According to a statement from the Satoshi Action Fund, HB 302 authorizes the state treasurer to invest up to 5% of public funds in Bitcoin or digital assets with a market capitalization exceeding $500 billion, with assets managed through a U.S. regulatory-compliant multi-signature mechanism or exchange product to ensure transparency and security. The bill will take effect 60 days after signing, with an initial investment scale expected to be around $180 million, accounting for 5% of the state's $3.6 billion financial resources.
HB 302: The Intersection of Libertarianism and Financial Innovation
HB 302 was introduced by Republican legislator Keith Ammon and received bipartisan support, reflecting New Hampshire's founding spirit of "Live Free or Die." The bill allows funds to be allocated from accounts such as the general fund and income stabilization fund to invest in Bitcoin, precious metals (like gold and silver), or digital assets that meet market capitalization standards. To balance risk, the initial investment cap of 10% was reduced to 5%. On April 10, 2025, the bill passed the state House of Representatives with a vote of 192 to 179. State Treasurer Monica Meza-Pel stated that the investment would be initiated as a pilot program, prioritizing custodial solutions registered with the SEC or CFTC.
Dennis Porter, founder of the Satoshi Action Fund, stated that HB 302 provides a model template for other states, marking a shift of Bitcoin from a fringe asset to a mainstream financial anchor. The bill emphasizes custodial transparency, requiring asset management through multi-signature mechanisms or compliant exchange products to prevent security vulnerabilities and market manipulation. X platform user @charmander_btc commented, "New Hampshire has taken the lead, and other states will follow; this is a historic moment!"
Cryptocurrency Legislation Across U.S. States: A Mix of Enthusiasm and Resistance
New Hampshire's breakthrough is a microcosm of the cryptocurrency legislative wave at the state level in the U.S. in 2025. At the federal level, Trump signed an executive order on March 6, 2025, establishing a federal strategic Bitcoin reserve, incorporating 200,000 Bitcoins (6% of the circulating supply) from judicial seizures into a permanently banned reserve, which has spurred enthusiasm for state-level legislation. According to Bitcoin Laws, as of the end of April 2025, 26 states have proposed or advanced Bitcoin reserve bills, with key developments as follows:
Arizona: On April 29, 2025, SB 1373 and SB 1025 passed the House, proposing the establishment of a digital asset strategic reserve fund, allowing the state treasury and pension systems to invest up to 10% of their funds in Bitcoin. X user @Phyrex_Ni noted that the two bills are awaiting the signature of Governor Katie Hobbs, but Hobbs, with a Democratic background, may veto them, highlighting partisan divisions. Texas: The Senate passed SB-21, allowing public funds to invest in Bitcoin, aiming for a holding scale of $500 billion, and plans to allocate $250 million from the economic stabilization fund. The House bill HB4258 authorizes local governments to invest in cryptocurrencies and has been submitted to the Government Efficiency Delivery Committee, set to take effect on September 1, 2025, if passed. Texas has become a legislative pioneer due to its energy advantages and pro-crypto policies.
Florida: HB 487 passed the House Insurance and Banking Subcommittee on April 10, 2025, allowing the state CFO to invest up to 10% of public funds in Bitcoin, receiving rare bipartisan support. The bill is currently under review by the Government Operations Subcommittee.
Oklahoma: HB1203 passed the House on March 25, 2025, with a vote of 77 to 15, allowing state reserve funds and retirement funds to invest in Bitcoin, with a cap of 5%. However, on April 15, the Senate Tax and Revenue Committee voted 6 to 5 to reject it, and the bill shows no signs of advancement.
Utah: HB0230 (Blockchain and Digital Innovation Amendment) passed the Senate on March 10, 2025, but removed the provision allowing state treasury investment in Bitcoin, instead focusing on protecting residents' rights to digital asset custody, mining, and staking. Senator Kirk A. Cullimore stated that the removal of the reserve clause was due to concerns about market risks.
Additionally, 13 other states, including Iowa, Missouri, and Georgia, have Bitcoin reserve bills in the works or under review, with no clear rejections yet.
Drivers and Challenges: Market Enthusiasm and Policy Games
Since March 2025, Bitcoin's price has surpassed $100,000, leading to heightened market enthusiasm, prompting states to view Bitcoin as "digital gold." The establishment of a federal strategic reserve further solidifies Bitcoin's asset status. However, state-level legislation faces multiple challenges: partisan divisions, market volatility risks, and regulatory uncertainties. For instance, the stalled bills in Oklahoma and Utah reflect some legislators' concerns about the long-term stability of cryptocurrencies. Randy Erben, a professor at the University of Texas School of Law, pointed out that the limited scale of state reserves may have more symbolic than actual economic impact.
Global Perspective: A Subtle Reshaping of Financial Order
New Hampshire's HB 302 bill injects innovative vitality into U.S. state financial policy and may trigger a chain reaction. X user @chairbtc predicts, "With this precedent, more states will follow suit." If more states join in, Bitcoin's asset status will be further solidified, potentially accelerating the trend of diversification within the dollar system. However, experts warn that fragmented state policies may exacerbate regulatory complexity, necessitating federal coordination. In the future, states will seek a balance between innovation and prudence, and the global financial landscape may quietly change due to the rise of "digital gold."
This article represents the author's personal views and does not reflect the stance or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.
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