New Hampshire has passed legislation to establish the country’s first cryptographic protected area.
The new law allows state accounts to purchase digital assets with a market capitalization of $500 billion.
Trump’s executive order on the National Cryptocurrency did not allow new purchases of digital assets.
New Hampshire lawmakers voted to pass a bill establishing the first state crypto sanctuary.
“New Hampshire is once again the first in the country!” Governor Kelly Ayot wrote about X. “We have just signed a new law that will allow our state to invest in cryptocurrency and precious metals.”
This tweet is related to HB 302. This is a bill that will allow state treasures to invest 5% of New Hampshire’s public funds in more than $500 billion in precious metals and digital assets. Only Bitcoin is included in the crypto tokens.
Digital assets are held by state treasurers using secure custody solutions or using exchange-selling products. As it was passed, the bill will become law in 60 days.
Passing the Crypto-Reservation Bill not only makes New Hampshire the first state to establish a reserve, but the state is also one step further than the federal government.
The National Bitcoin Reserve was an important priority for the Cryptobulls, who cheered Donald Trump’s presidential victory, but his policies have been inadequate so far. The Trump administration issued an order to create a US reserve, but it was only in stock with Bitcoin already owned by the government and never bought any more.
Bitcoin enthusiasts have argued that federal and state governments should stockpile tokens as a hedge against the inflation and instability of the traditional financial system, and laws have been introduced in states around the country.
However, some of these efforts lost steam. By March, the Bills had failed to advance in Montana, Wyoming, North Dakota and Pennsylvania. Last week, Florida became the latest state to withdraw the reserve bill.
Advocates for the US reserve argue that its creation can accelerate similar stockpiles across jurisdictions and around the world, and increase the price of Bitcoin. The top token was about a flat on Tuesday afternoon and traded for $94,800.
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