The first quarter of 2026 was a busy one for digital-asset policy. In Concord, a bill many had written off came back to life, and the legislature took up consumer protections for crypto kiosks. In Washington, the market-structure debate split between two Senate committees, while regulators kept setting policy on their own. This roundup covers the developments that matter most to New Hampshire Blockchain Council members.

HB 639, the Blockchain Basic Laws, passes the Senate

HB 639 passed the House 205–169 in April 2025. It then stalled in the Senate and was carried over into 2026. Senate Commerce recommended interim study, which usually ends a bill. On February 5, the full Senate rejected the interim-study motion, adopted a floor amendment offered by Sen. Innis and sent the bill to Senate Finance. Finance recommended it 6–1 with a further amendment. On March 12 the Senate passed HB 639 by voice vote.

As amended in the Senate, the bill text:

  • protects the right to use digital assets for payment, to self-custody, to run nodes, to mine and to stake;
  • bars taxes that apply only to payments made in digital assets;
  • clarifies that node operators do not need a money-transmitter license;
  • creates a dedicated blockchain dispute docket in the courts.

Because the House had passed a different version, the bill returned to the House for concurrence.

SB 482 targets crypto-kiosk fraud

SB 482, sponsored by Sen. McGough, was introduced January 7. It would put new consumer protections on cryptocurrency kiosks, the machines that let people buy crypto with cash. Scammers increasingly steer victims to these machines. Senate Commerce recommended the bill 4–1 with an amendment, and the full Senate passed it by voice vote on March 26 with a further floor amendment. It now goes to the House. The council supports protecting residents from fraud. It is also watching whether the final limits are tailored to scams or end up shutting down a lawful business in New Hampshire.

The bitcoin-backed bond gets a credit rating

In November 2025 the New Hampshire Business Finance Authority approved a structure for what it called the world's first bitcoin-backed municipal bond. The bond is backed by bitcoin collateral rather than taxpayer funds or a state guarantee. On March 31, Moody's assigned the bonds a provisional Ba2 rating. That is a speculative grade, but it is still a milestone for a new kind of instrument. Business NH Magazine reports that the deal is up to $100 million, backed by about $160 million in bitcoin, and must be liquidated if collateral coverage falls to 140 percent. Before the bonds can be issued, the Governor and Executive Council must approve them.

Washington: market structure splits in the Senate

The House passed the CLARITY Act in July 2025, and the Senate is writing its own version. Senate Banking Committee Chairman Tim Scott scheduled a markup for January 15. It was postponed the night before, after Coinbase CEO Brian Armstrong said the company could not support the bill as written. Meanwhile, on January 29 the Senate Agriculture Committee advanced the Digital Commodity Intermediaries Act 12–11 on a party-line vote. That bill would give the CFTC authority over spot markets for digital commodities. Both committees' work has to be combined before a floor vote.

Regulators keep moving: token taxonomy and GENIUS rules

Regulators did not wait for Congress. On March 17 the SEC, joined by the CFTC, issued an interpretation of how securities laws apply to crypto assets. It sorts crypto assets into five categories: digital commodities, collectibles, tools, stablecoins and digital securities. It says most crypto assets are not themselves securities, and that an investment-contract relationship can end. It also addresses airdrops, protocol mining, staking and wrapping.

Rulemaking under the GENIUS Act, the federal stablecoin law signed in July 2025, also got under way. The NCUA published a proposal in February. On February 25 the OCC issued a comprehensive proposal for the issuers it will supervise. The Act takes effect January 18, 2027, or 120 days after final rules if that comes sooner, according to a Morgan Lewis summary.

Out West, Wyoming launched FRNT on January 7, the first stable token issued by a U.S. state. That is a useful reference point for New Hampshire's own study commission on stable tokens and tokenized real-world assets, created by HB 310 in 2025.

What it means for New Hampshire

The quarter showed that persistence pays. HB 639 looked finished at the end of 2025 and is now one step from the Governor's desk. If enacted, it would put protections for self-custody, node operation, mining and staking into state law. SB 482 is the other side of the coin: a sign that lawmakers will act on fraud, and that the industry needs to help shape practical safeguards. With the bitcoin-backed bond rated and federal rules taking shape, New Hampshire is positioned to lead, as long as the state turns this momentum into durable law in the second quarter.