New Hampshire could become the first state in the country to enable its state treasurer to invest in cryptocurrency.There is bill on its way to the governor’s desk to put the Granite State on the cutting edge of digital finance.This week, the New Hampshire Senate passed House legislation to enable the state treasurer to invest in precious metals and digital assets.>> Download the free WMUR app to get updates on the go: Apple | Google Play <
New Hampshire could become the first state in the country to enable its state treasurer to invest in cryptocurrency.
There is bill on its way to the governor’s desk to put the Granite State on the cutting edge of digital finance.
This week, the New Hampshire Senate passed House legislation to enable the state treasurer to invest in precious metals and digital assets.
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The bill includes a $500 billion dollar market capitalization threshold for investment, meaning currently, only Bitcoin would qualify.
“So, if she thinks this is a good idea for New Hampshire, we put some guardrails around it, we should allow her to have the opportunity to do this,” Sen. Tim Lang, R-Sanbornton, said.
There is opposition. Some are arguing digital currency is not an appropriate investment for public funds.
“Bitcoin is neither safe nor liquid. This bill would let her gamble with the state and local taxpayer money, which is something we should not be allowing. It would be fiscally irresponsible. Bitcoin is known for extreme volatility,” Sen. Cindy Rosenwald, D-Nashua, said.
Other lawmakers are skeptical, but they point out that this legislation does not mandate the treasurer put money into these assets, only that it allows them to do it.
And lawmakers say the treasurer has told them certain state funds, like the rainy day fund, are not appropriate for this kind of investment.
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“I do not invest in Bitcoin and would not recommend it. However, I think that we need to trust the treasurer to do the right thing. And this is, you know, these are folks who understand markets, they understand assets, they understand how to invest for the best return. And this is enabling. It’s all it is,” Sen. Dan Innis, R-Bradford, said.
The prime sponsor of this bill is hopeful it will make it to Gov. Kelly Ayotte’s desk quickly, because there are a handful of other states proceeding with similar legislation, including Arizona and Texas.
“So, there’s a there’s a race happening right now whose governor will sign it first and that’ll make history,” Rep. Keith Ammon, R-New Boston, said.
