The third quarter brought New Hampshire's biggest digital-asset win in years, a setback for a first-of-its-kind financing, and a reminder that Congress moves slowly. With the market-structure bill stalled, federal regulators kept moving through rulemaking. Here are the developments that matter most to council members.

HB 639 becomes law

On July 10, Governor Kelly Ayotte signed HB 639, the Blockchain Basic Laws, as Chapter 286. It took effect September 8. The law protects New Hampshire residents' right to:

  • use digital assets for payment;
  • hold their own keys;
  • run nodes;
  • mine;
  • stake.

It also bars taxes aimed only at digital-asset payments, clarifies that node operators are not money transmitters, and creates a dedicated blockchain dispute docket in the courts.

The New Hampshire Bulletin reported on the signing. It noted the council's press release applauding the law, and lawmakers' view that New Hampshire is now open for crypto business. The bill passed the House in April 2025 and became law only after being revived in the Senate and worked out in a conference committee.

Executive Council rejects the bitcoin-backed bond

On July 8 the Executive Council voted 3–2 against the Business Finance Authority's proposed $100 million bitcoin-backed bond. Councilors Liot Hill, Stevens and Wheeler voted no; Councilors Kenney and Stephen voted yes. The Business Finance Authority had approved the structure in November 2025, and it carried no taxpayer funds or state guarantee. Governor Ayotte supported the deal. CoinDesk described the vote as ending, for now, a trailblazing effort. BFA Executive Director James Key-Wallace said he would bring the proposal back.

Crypto-kiosk law heads toward effect

On September 14, Governor Ayotte, Attorney General John Formella, Manchester and Hampton police and AARP held a press conference in Manchester. They called SB 482, the crypto-kiosk law signed in June, a "first step." Hampton police said they had documented more than $3 million in kiosk fraud over several years. The law takes effect December 16. It adds daily transaction limits, a hold on a customer's first transaction and a refund route for reported fraud.

CLARITY Act falls short in the Senate

The CLARITY Act, the market-structure bill that would divide oversight of digital assets between the SEC and CFTC, passed the House in July 2025 and cleared Senate Banking in May. On September 15 the Senate rejected cloture 49–50, well short of the 60 votes needed to move ahead. New Hampshire Senators Jeanne Shaheen and Maggie Hassan both voted no. The Hill reported that disputes over ethics provisions were central. A motion to reconsider was entered, so the bill is not dead, but its path this year is uncertain.

Regulators fill the gap

With Congress stalled, agencies acted on their own.

  • SEC startup and fundraising exemptions. On August 18 the SEC proposed Regulation Crypto Assets. It would create a startup exemption, a fundraising exemption of up to $75 million in 12 months, and a safe harbor for ending a token's investment-contract status. The Federal Register text would preempt state securities registration for covered offerings, which matters for New Hampshire's Bureau of Securities Regulation.
  • Tokenized stock trading. On September 17 the SEC issued an innovation exemption for trading tokenized stocks on-chain.
  • Stablecoins. On August 17 Treasury proposed rules defining which stablecoins count as issued or offered in the United States under the GENIUS Act.
  • Trust banks. Circle received final OCC approval for its national trust bank on July 10.
  • Strategic Bitcoin Reserve bill. On September 16 the House Financial Services Committee ordered H.R. 8957 reported, 28–21.

What it means for New Hampshire

HB 639 makes New Hampshire one of the clearest places in the country to hold, use and build with digital assets. The bond vote shows that innovation in public finance still has to earn the trust of elected officials, and the council will keep making the case. Next up is the HB 310 commission on stable tokens, tokenized real-world assets and blockchain-based trusts, whose report is due November 1. Members should also follow the SEC's Regulation Crypto Assets proposal, which could change how New Hampshire startups raise capital and how state securities regulation applies to them.