Bill would allow State Treasurer to invest in cryptocurrency | CloseUp
Updated: 3:01 PM EDT Mar 9, 2025
WELCOME BACK TO CLOSE UP. SOME STATE REPS ARE WORKING TO PUT THE NEW HAMPSHIRE TREASURY ON THE CUTTING EDGE OF DIGITAL ASSETS AND THE WORLD OF CRYPTOCURRENCY. THIS LAST WEEK, THE HOUSE COMMERCE COMMITTEE VOTED ALMOST UNANIMOUSLY TO APPROVE HB 302. THE LEGISLATION WOULD ALLOW THE STATE TREASURER TO INVEST UP TO 5% OF TOTAL PUBLIC FUNDS IN DIGITAL ASSETS. ADVOCATES ARE TRYING TO EASE ANY FEARS ABOUT RISK TO TAX DOLLARS, SAYING THE BILL ONLY ALLOWS INVESTMENT IN THOSE DIGITAL ASSETS ABOVE A VERY HIGH THRESHOLD OF MARKET CAPITALIZATION. SO THERE’S A MARKET CAPITALIZATION, AN ANNUAL MARKET CAPITALIZATION OF 500 BILLION. SO HALF OF A TRILLION. SO FOR A DIGITAL ASSET TO BE CONSIDERED BY THE TREASURER UNDER THIS BILL, IT WOULD HAVE TO HAVE AT LEAST A MARKET CAP OF HALF $1 TRILLION IN THE PREVIOUS YEAR, SO THAT THAT SETS A VERY HIGH THRESHOLD FOR YOU KNOW, IT’S NOT IT’S NOT MEME COINS. IT’S NOT, YOU KNOW, TOKENS THAT PEOPLE ARE PLAYING WITH. IT’S SERIOUS DIGITAL ASSETS THAT COMPANIES AND COUNTRIES ARE, ARE CONSIDERING PUTTING ON THE BALANCE SHEET, INCLUDING THE UNITED STATES GOVERNMENT. AND THAT BALL IS NOW ROLLING. ON THURSDAY, PRESIDENT TRUMP SIGNED AN EXECUTIVE ORDER ESTABLISHING A GOVERNMENT RESERVE OF BITCOIN. RIGHT NOW, THE ONLY DIGITAL ASSET WITH A MARKET CAPITALIZATION OF MORE THAN HALF $1 TRILLION IS BITCOIN. IF THIS BECOMES LAW, THE BILL WOULD ALSO ENABLE THE STATE TREASURER TO INVEST PUBLIC DOLLARS I
Bill would allow State Treasurer to invest in cryptocurrency | CloseUp
Updated: 3:01 PM EDT Mar 9, 2025
This past week, the House Commerce Committee voted almost unanimously to approve HB302. The legislation would allow the State Treasurer to invest up to 5% of total public funds in digital assets.
This past week, the House Commerce Committee voted almost unanimously to approve HB302. The legislation would allow the State Treasurer to invest up to 5% of total public funds in digital assets.
