The second quarter of 2025 put New Hampshire on the national map. The state enacted the country's first strategic bitcoin reserve law, while the broader Blockchain Basic Laws bill hit a wall in the Senate. Other states moved on reserves of their own, and in Washington the Senate passed a federal stablecoin bill as House committees advanced market-structure legislation. Here are the developments that matter most to council members.

HB 302: the first state strategic bitcoin reserve law

HB 302, sponsored by Rep. Keith Ammon, lets the state treasury invest in precious metals and digital assets. The House passed it 192–179 on April 10. Senate Ways and Means recommended it 4–1, and the full Senate passed it by voice vote on May 1. Governor Kelly Ayotte signed it on May 6 as Chapter 4, effective May 7.

Under the enrolled text:

  • the state treasurer may invest in any digital asset with a market capitalization of more than $500 billion, averaged over the previous calendar year;
  • no more than 5 percent of public funds may go into any of the newly authorized investments;
  • digital assets may be held directly by the treasurer through a secure custody solution, by a qualified custodian, or through an exchange-traded product;
  • the secure custody standard requires multi-party governance, keys that are never accessible from a smartphone, and hardware kept in at least two geographically separate data centers.

The Block reported that New Hampshire is the first state to pass a strategic bitcoin reserve bill, and that the $500 billion threshold is currently met only by bitcoin. The law permits investment; it does not require the treasurer to buy anything.

HB 639 stalls in the Senate

HB 639, the Blockchain Basic Laws, passed the House 205–169 on April 10 after House Finance recommended it 15–10. The bill would protect the right to use digital assets, self-custody, run nodes and mine. The New Hampshire Bulletin reported that it would bar state and local officials from banning cryptocurrency mining or singling it out with special sound limits or grid charges. The Bulletin listed the council among the bill's supporters. Opponents included the Sierra Club and the state Bureau of Securities Regulation, which warned that the bill would limit its ability to protect investors.

Senate Commerce split 3–3 and sent the bill to the floor with no recommendation. On May 15 the Senate adopted Sen. Innis's motion to re-refer it to committee. That keeps HB 639 alive for the 2026 session rather than killing it outright.

HB 310: stable token commission passes the Senate

HB 310 would create a commission to study a regulatory framework for stable tokens, tokenized real-world assets and blockchain-based trusts in New Hampshire. After passing the House by voice vote in March, it cleared Senate Commerce 6–0 and passed the full Senate by voice vote on May 15. Both chambers adopted an enrolled-bill amendment in June, and the bill was enrolled on June 26. It now awaits the Governor's signature.

Other states follow New Hampshire's lead

New Hampshire did not stay alone for long.

  • Arizona. On May 7, Governor Katie Hobbs signed HB 2749. It requires abandoned digital assets to be turned over to the state in their native form. It also sends staking rewards and airdrops earned on unclaimed assets into a new Bitcoin and Digital Assets Reserve Fund.
  • Texas. On June 20, Governor Greg Abbott signed SB 21, creating the Texas Strategic Bitcoin Reserve. According to Hunton Andrews Kurth, the reserve sits outside the state treasury under the Comptroller and may hold assets averaging at least $500 billion in market capitalization over 24 months. It is funded by legislative appropriations, purchases, forks and airdrops.

Washington: GENIUS passes the Senate, CLARITY clears committees

The GENIUS Act (S. 1582), which would create a federal framework for payment stablecoins, had a bumpy road through the Senate. A first cloture vote failed 48–49 on May 8. A second succeeded 66–32 on May 19. On June 17 the Senate passed the bill 68–30. The roll call shows New Hampshire's senators split: Sen. Maggie Hassan voted yes and Sen. Jeanne Shaheen voted no. The bill now goes to the House.

On the House side, the CLARITY Act (H.R. 3633) was introduced May 29. It would divide oversight of digital assets between the SEC and CFTC. On June 10, House Financial Services ordered it reported 32–19, and House Agriculture ordered it reported 47–6. It was placed on the Union Calendar on June 23.

What it means for New Hampshire

HB 302 gives New Hampshire a first-mover advantage, and Arizona and Texas show that other states will follow. The state now needs a treasury policy that puts the new authority to careful use. HB 639's setback is a reminder that broad protections for miners, node operators and self-custody still need more work in the Senate, and the council will keep making that case before the 2026 session. With HB 310 headed to the Governor and federal stablecoin and market-structure bills moving, New Hampshire has a chance to set its own rules for stable tokens and tokenized assets in step with Washington.