The third quarter of 2025 was the busiest stretch for digital-asset policy in years. In Concord, a new law set up a state commission on stable tokens and tokenized assets. In Washington, Congress passed its first major crypto statute, the House approved a market-structure bill, and the White House and regulators turned campaign promises into executive orders, reports and new rules. This roundup covers the developments that matter most to New Hampshire Blockchain Council members.

HB 310 creates New Hampshire's token commission

On July 15, Governor Kelly Ayotte signed HB 310 as Chapter 177. The bill passed the House by voice vote in March after a 16–0 committee recommendation, and the Senate passed it by voice vote in May. It creates a commission to study a regulatory framework for stable tokens, tokenized real-world assets and blockchain-based trusts in New Hampshire.

Under the enrolled text, the commission brings together:

  • three House members and two senators;
  • the Banking Commissioner, the Secretary of State and the Attorney General, or their designees;
  • two blockchain industry representatives, a New Hampshire banker with digital-asset experience and an academic expert, all appointed by the Governor.

It will study the current regulatory landscape, other jurisdictions' approaches, consumer protection and the economic opportunity for the state. Its report is due by November 1, 2026. The commission's first meeting was on the Senate calendar for September 17.

The quarter also saw an earlier law take full effect. Most of HB 645, the 2024 law that lets decentralized autonomous organizations (DAOs) form as legal entities in New Hampshire, took effect on July 1, 2025.

The GENIUS Act becomes law

The House passed the GENIUS Act 308–122 on July 17, a month after the Senate approved it. President Trump signed it the next day as Public Law 119-27. According to the White House fact sheet, the law requires payment stablecoins to be fully backed by reserves, with regular public disclosure of what those reserves are.

The law matters for states as well as Washington. Smaller issuers, with no more than $10 billion in stablecoins outstanding, can choose state regulation instead of federal oversight, as long as the state's regime is "substantially similar" to the federal framework, as Paul Hastings explains. That is exactly the kind of question the HB 310 commission is set up to study. On September 18, Treasury opened the rulemaking with an advance notice of proposed rulemaking, with comments due November 4.

The House passes CLARITY and an anti-CBDC bill

During what Washington called "crypto week," the House also took up market structure. On July 17 it passed the Digital Asset Market Clarity Act 294–134. The bill would divide oversight of digital assets between the SEC and the CFTC. The same day, the House passed the Anti-CBDC Surveillance State Act 219–210. That bill would bar the Federal Reserve from issuing a central bank digital currency. Both bills now go to the Senate.

The White House sets a roadmap

On July 30 the President's Working Group on Digital Asset Markets released its report, a roadmap for federal digital-asset policy. On August 7 the President signed two related executive orders:

  • Retirement savings. The 401(k) order counts funds that invest in digital assets among the alternative assets retirement plans can offer. It gives the Labor Department 180 days to revisit its fiduciary guidance.
  • Fair banking. The fair-banking order directs federal bank regulators to remove "reputation risk" from their guidance within 180 days, and targets politicized or unlawful debanking.

Regulators shift from enforcement to rule-writing

Federal agencies moved quickly to act on the roadmap.

  • SEC "Project Crypto." On July 31, SEC Chairman Paul Atkins launched Project Crypto, a commission-wide effort to modernize securities rules so markets can move on-chain. He promised clear guidelines on when a crypto asset is a security, and said: "the right to have self-custody of one's private property is a core American value."
  • CFTC listed spot trading. On August 4, Acting Chairman Caroline Pham launched an initiative for trading spot crypto contracts on CFTC-registered futures exchanges. It is the first step in the CFTC's plan to carry out the Working Group's recommendations.
  • Crypto ETPs. On September 17 the SEC approved generic listing standards that let exchanges list qualifying commodity-based trust shares without a separate rule filing for each one. The same day it approved the Grayscale Digital Large Cap Fund, which holds spot digital assets.

What it means for New Hampshire

New Hampshire ended the 2025 session with two digital-asset wins: the first state strategic reserve law, HB 302, signed in May, and now the HB 310 commission. HB 639, the Blockchain Basics bill, passed the House but was sent back to Senate committee in May, so it carries into 2026. The GENIUS Act gives the token commission an immediate, practical job: deciding whether New Hampshire should build a state path for stablecoin issuers that federal regulators will accept as substantially similar. With the DAO Act now fully in effect and federal agencies writing rules instead of filing lawsuits, the state has a real opening to attract builders. The council will follow the commission's work closely and push for the Blockchain Basics bill when the Senate returns to it.