Original author: Fairy, ChainCatcher
Original editor: TB, ChainCatcher
A historic step! Bitcoin has officially entered the state governments treasury.
Last night, New Hampshire took the lead in passing the Bitcoin Strategic Reserve Act (HB 302), becoming the first state in the United States to include Bitcoin in its official asset reserves.
This groundbreaking move, like the first flag, ignited the fire of change in the financial landscape, and the flames are spreading rapidly.
Small state with big ambitions, Bitcoin reserve ice-breaking journey
New Hampshire may not be a prominent state on the map of the United States. It ranks fifth from the bottom in terms of land area and tenth from the bottom in terms of population. Its real GDP in 2024 is about $96.5 billion, which is not a heavyweight among the 50 states. However, this small state has created a unique presence with its resounding state motto, Live Free or Die.
New Hampshire has a high political symbolic significance. It is the first stop of the U.S. presidential primary election and is regarded by the media and politicians as an important political touchstone and weathervane. This institutional and cultural openness may be the key reason why it is at the forefront of the country in terms of digital asset policies. Today, it has become the first state in the United States to include Bitcoin Strategic Reserve in state policy, once again playing the role of a policy icebreaker.
This legislation is not only symbolic, but also a signal flare, sending a clear policy signal to other states, encouraging more local governments to take a substantive step in the field of digital assets. According to Bitcoin Laws data, there are currently 30 Bitcoin reserve bills in progress across the United States. Among them, the faster progress includes: Arizonas SB 1373 bill has entered the final stage, North Carolinas H 92 and Texas SB 21 are being reviewed by the state senate; another 9 proposals have been rejected.
Here is the latest progress on Bitcoin reserve legislation in various U.S. states (some states may submit multiple bills):
Image source: bitcoin reserve monitor
Bitcoin enters the circle of friends of state fiscal assets
HB 302, passed by New Hampshire, is based on the policy model proposed by Satoshi Action and will take effect 60 days after its passage. According to the bill, all digital assets must be held through state-controlled multi-signature wallets, qualified custodians, or U.S.-listed trading products to ensure security and transparency.
The bill authorizes the Treasurer to purchase Bitcoin and other top digital assets, and allows the reserve to purchase digital assets with a market value of more than $500 billion. Currently, only Bitcoin meets this standard. According to token circulation data, Ethereum needs to rise to about $4,166 and SOL needs to rise to about $833 to be included in the reserve.
In order to control volatility risk, the bill stipulates that digital assets can only account for 5% of state fiscal funds at most. According to crypto KOL Phyrex, based on New Hampshires total budget of $15.4 billion, the potential funds available for digital assets are $770 million; even if only the general fund size of $5.6 billion is used as a benchmark, there is still $280 million of investment space.
Image source: Satoshi Action Fund
National Bitcoin Reserve Plan is at a critical stage
The US National Bitcoin Strategic Reserve Program is also at a critical moment. On March 6, the Trump administration issued an executive order requiring the Secretary of the Treasury to submit an implementation report within 60 days to clarify whether to launch the reserve program and the specific implementation path. At present, this important date has arrived, and the market and political circles have focused on this potential policy turning point.
However, this plan is not without resistance, and Trumps new encryption policy has encountered fierce opposition from the Democratic Party.
On April 29, Democratic Congresswoman Maxine Waters blocked a hearing on the Crypto Market Structure Act.
On May 1, Democratic Congresswoman Elizabeth Warren, together with five colleagues, submitted a 12-page joint letter to the Secretary of the Treasury, criticizing the Trump administrations plan to include crypto assets in the national strategic reserve, warning that the plan could pose a systemic threat to the stability of the U.S. financial system.
On May 4, four Democratic senators suddenly changed their stance and opposed the existing version of the Republican-led stablecoin bill, the GENIUS Act, requiring the strengthening of anti-money laundering and foreign issuer reviews. This change has dramatically increased the uncertainty of the bills prospects.
Against this backdrop, Trump’s Bitcoin strategic reserve plan is facing political pressure.
This collision of crypto assets and traditional fiscal systems may have a profound impact on the financial landscape of the United States and even the world in the years to come. New Hampshires pioneering move has set a benchmark for other local governments, inspiring more states to move towards a new era of digital assets. Although Trumps Bitcoin strategic reserve plan faces resistance from the Democratic Party and other parties, it is still moving forward.
An unprecedented policy and market change is unfolding.
