New Hampshire Representative Keith Ammon would create a strategic reserve fund for digital assets and U.S.-pegged stablecoins with an average annual market capitalization of more than $500 billion, according to a bill introduced on January 9. , filed a bill that would go to the state treasury.
The bill limits investments in these alternative assets to 10% of total public funds, or about $360 million, according to the Treasury Department. Ending balance As of June 30th.
Additionally, the bill requires that these assets be held through a “secure custody solution” that guarantees exclusive access to encrypted private keys, qualified custodians, and registered exchange-traded products (ETPs). I'm emphasizing.
ETPs must be approved by regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Only Bitcoin meets the requirements
According to crypto slate According to the data, only Bitcoin (BTC) meets the market capitalization requirements of the crypto bill. Treasuries can also add stablecoins such as Tether USD (USDT) and USD Coin (USDC).
The bill also allows nations to invest in traditional precious metals such as gold, silver, and platinum in addition to cryptocurrencies.
The proposal also paves the way for New Hampshire to address staking, even though Bitcoin is the only cryptocurrency to be staked and is not based on a proof-of-staking consensus mechanism. .
By integrating staking, New Hampshire will be able to add cryptocurrencies such as Ethereum (ETH) and Solana (SOL) in scenarios where the market cap meets the criteria and earn passive income based on the amount held. It's ready.
Additionally, the bill proposes lending digital assets as another option, provided that states retain legal ownership and in both cases work with third-party providers.
not mean
Welcoming Dennis Porter, CEO and Co-Founder of Satoshi Action Fund bill and said It added a high market capitalization requirement to limit national investment in Bitcoin. He explained that in some US states it is not possible to refer to assets by name in legislation.
In response to comments that this is a “sneaky way” to add Bitcoin to the treasury, Porter said: explained:
“It's not a 'sneaky' way. Some states are required to develop technology-neutral legislation, which is very common in policy. It is a means to reduce political friction. Some bills are done in Bitcoin only and some are done based on market capitalization. We are working with legislators to give them confidence in passing legislation. ”
New Hampshire is the latest state to introduce legislation to establish a Bitcoin strategic reserve. Porter said 10 more U.S. states are poised to introduce similar legislation focused on Bitcoin strategic reserves in the coming weeks and months.
Representative Mike Cavell introduced A similar bill was passed in Pennsylvania on November 14, 2024, by Representative Giovanni Capriglione. A similar law was subsequently enacted Less than a month later, in Texas.
Meanwhile, Alabama State Comptroller Andrew Sorrell recently said: proposed creation Jimmy Patronis, Chief Financial Officer, BTC Strategic Reserve, Florida advocated for the same decision.
mentioned in this article
