The third quarter of 2024 turned bills into law in Concord. Two measures the legislature passed this spring were signed: one creates a legal home for decentralized autonomous organizations, and the other rewrites the rules for money transmitters. In Washington, ether joined bitcoin as an ETF, and a strategic bitcoin reserve moved from a niche idea onto the campaign stage. This roundup covers what matters most to New Hampshire's blockchain community.

HB 645: the New Hampshire DAO Act becomes law

On July 26, Governor Chris Sununu signed HB 645 as Chapter 263. The bill passed the House 340–33 in January, cleared the Senate by voice vote on May 23, and the House concurred with the Senate's changes on May 30. It creates a new chapter of state law, RSA 301-B, for decentralized autonomous organizations.

Under the enacted text, a DAO is an enterprise defined by smart contracts deployed on a permissionless blockchain. A registered New Hampshire DAO:

  • is a separate legal entity, distinct from its developers, participants and administrators, and is not treated as a partnership;
  • meets its liabilities from its own on-chain and off-chain assets, so participants are generally not personally liable for its debts simply because they take part;
  • must publish open-source code, provide a public address where anyone can monitor its activity, keep bylaws, and offer a way for the public to contact it and for disputes to be resolved;
  • stays subject to New Hampshire's securities, banking and tax laws.

The timing is staggered. The section directing the Secretary of State to seek proposals for a DAO registry took effect on signing. The rest of the law takes effect July 1, 2025, which gives the state time to build the registry.

HB 1241 modernizes money-transmitter licensing

On August 23, Governor Sununu also signed HB 1241 as Chapter 368. According to the New Hampshire Banking Department, the bill revises RSA 399-G, the state's money-transmission law. It was drafted at the Department's request to incorporate much of the Conference of State Bank Supervisors' Model Money Transmission Modernization Act.

Orrick's summary notes that the law sets out the license application process, including background checks and audited financial statements, grounds for suspension, complaint handling, and rules on timely transmission and refunds. The core licensing sections take effect October 22. The model act is meant to create one set of standards across states, which matters for any payments or digital-asset business that needs licenses in more than one state.

Spot ether ETFs begin trading

On July 22 the SEC declared effective the registration statements for nine spot ether exchange-traded products, and trading began July 23. The listing rules had been approved in May. Ether is now the second digital asset, after bitcoin, that investors can hold through an ordinary brokerage account in a spot ETF. For New Hampshire savers and advisers, that means regulated exposure without managing keys, while self-custody remains an option for those who want it.

A national bitcoin reserve enters the conversation

On July 27, former President Donald Trump gave the keynote at the Bitcoin 2024 conference in Nashville. CNBC reported that he pledged the federal government would not sell its bitcoin holdings and proposed a strategic national stockpile. He said:

"For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin."

He also promised to fire SEC Chair Gary Gensler and to create a "bitcoin and crypto presidential advisory council."

Four days later, on July 31, Sen. Lummis of Wyoming introduced S. 4912, the BITCOIN Act of 2024. It would direct the Treasury to buy one million bitcoin over five years and hold them for at least 20 years in a Strategic Bitcoin Reserve. It would also let states store their own bitcoin in the reserve in segregated accounts. The bill was referred to the Senate Banking Committee.

What it means for New Hampshire

New Hampshire now has a DAO statute and a modern money-transmission law, two building blocks for blockchain businesses that want to form, operate and serve customers here. The next step is execution: the Secretary of State's registry procurement will decide how usable the DAO Act is when it takes full effect next July. The reserve debate in Washington also raises a question for Concord. If the federal government might hold bitcoin as a strategic asset, should the state consider whether a small share of its own reserves belongs there too? With the 2025 session approaching, the council will be working to make sure the answer, and the protections for people who use and build with digital assets, are written into state law.