Bitcoin Reserve Bills Of New Hampshire And Florida Have Approved by The Respective House of Representatives.
Synopsis
New Hampshire’s and Florida’s Insurance and banking subcommittees have advanced bills allowing the respective states to create their own Bitcoin reserves. New Hampshire’s House passed the bill, HB302, on April 10 in a 192-179 vote and is on the verge of heading to the Senate. HB302, the bill proposed in January would allow the state’s treasury to allocate up to 5% of the public funds to the eligible assets.
New Hampshire Became The Fourth State to Pass a Bitcoin Reserve Following Arizona, Oklahoma, and Texas
New Hampshire’s Insurance and Banking Committee has officially passed the Bitcoin reserve bill (New Hampshire Bill HB302) with 192 representatives voting for it and 179 against it. After passing the bill on April 10 Thursday, New Hampshire became the fourth state to approve the Bitcoin reserve after Texas, Arizona, and Oklahoma.
The next stage of the bill is seeking approval from the Senate and getting it signed by the Governor. If the Bitcoin reserve bill clears New Hampshire’s Senate and gets signed by Kelly Ayotte, then it allows the state’s treasurer to leverage 10% of the state’s authorized funds to invest in eligible assets.
According to the terms exclusively mentioned in the bill, cryptocurrencies with a market capitalization of more than $500 billion would only be eligible for the investment. According to the current market scenario, only Bitcoin can meet certain criteria (BTC is trading at $81,088.41 at the time of writing).
A discussion occurred prior to the vote, Democrat representative Terry Saphr opined that the bill was unnecessary and could undermine the state’s digital assets stockpile’s future security. He also added that cryptocurrency was constantly shifting and changing and that it was sort of dangerous to be locked into certain types of security measures, and he thought that bill did this.
Jordan Ulery, who is the Republican representative crossed this by stating that the bill was necessary and could create the potential for a large amount of money to be earned by the state through these investments. New Hampshire Representative and bill proposer Keith Ammon previously stated that they were tied to the U.S. dollar, whether they liked it or not, but that this would allow them to have the state invest a small portion into this uncorrelated, new asset class.
Florida’s Insurance and Banking Subcommittees Passed a Bill For a State-level Bitcoin Reserve
Florida Insurance and Banking Committee officially approved the Bitcoin Reserve Bill( HB 487) on Thursday with zero votes against it and as a next step, this bill for a state-level Bitcoin reserve will head to the legislature. Before moving to the legislature, the bill has to pass through three additional committees.
The Government Operations Committee, the Finance Committee, and the Commerce Committee are the three additional committees in the House of Representatives. The proposed bill will allow the Florida State Government to invest around $1.5 billion in public funds to develop a strategic Bitcoin reserve. Similar to New Hampshire’s bill, Florida’s Bitcoin reserve bill also allows their chief financial personnel and state administration to invest up to 10% of state funds into eligible assets. Bill representative Webster Barnaby commented that the Reserve would ensure that Florida stayed at the forefront of economic policy.
The passing of HB 487 was a milestone and a massive win for the United States crypto industry, Florida’s Insurance and Banking Subcommittee unitedly approved the Bitcoin reserve without a single democrat present in the voting staying against the bill. Joshua Jake, a well-known cryptocurrency content creator, stated that the Bitcoin Strategic Bill had passed the House Committee unanimously.
He described today’s remarks as a historical moment and expressed pride in having been a part of it alongside Samuel Armes and Florida. He emphasized that Bitcoin is the people’s currency. Over 30 states in the United States have submitted Bitcoin Reserve bills so far and according to the current evaluation, Arizona is leading the race with both of its bills marching to the final stages and the remaining part is only a final decision from the Senate.
Also Read: $100K Bitcoin Target Back In Contention As Trump Pauses Tariffs For 90 Days
Bitcoin’s Price Crossed $80,000 as New Hampshire and Florida Bitcoin Reserve Bills Got Passed!
Bitcoin has witnessed a market dip recently due to the tariff policies imposed by the newly elected U.S. President Donald Trump. The Bitcoin reserve momentum in the market incited BTC’s price and helped to cross $80,000 on Friday. At the time of writing BTC trades at $81,088.41.
The recent news of the advancement of Bitcoin reserve bills submitted by Florida and New Hampshire fueled the price of Bitcoin and helped regain the momentum that had been lost due to the newly imposed tariff policies. BTC hit its lowest point of $78,969.89 on Friday and managed to perform well and recover from it, after that, the token crossed $80,000 on the same day.
Trump’s tariff pause could be another factor in this revival journey of Bitcoin in the market. US President Donald Trump has recently stopped planned reciprocal tariff increases for 90 days. The experts from the market opine that the temporary acquit from the trade tensions caused recently has also fueled the price revival of BTC and helped regain its bullish momentum in the market.