A bill presented on January 9 by New Hampshire Representative Keith Ammon created legislation for the creation of a strategic reserve consisting of digital assets whose average annual market value is over $500 billion, and stablecoins that are pegged in US Dollars.
The Treasury estimates that the cap on investments is 10%, or $360,000,000, of all public funds. Final balance As of 30 June
This bill emphasizes that the assets in question must be kept through “secure custody solutions,”This ensures exclusive access to private cryptographic keys, certified custodians and exchange-traded product (ETP) registered products.
Regulation bodies, such as the Securities and Exchange Commission and the Commodity Futures Trading Commission are required to approve the ETPs.
Bitcoin only meets the requirement
The following is a list of CryptoSlate Data shows that only Bitcoin (BTC), which is the most popular cryptocurrency, meets the requirement for market capitalization in the proposed legislation. State treasuries can add stablecoins such as Tether USD(USDT) or USD Coin (USDC).
This bill allows for the government to also invest in precious metals such as gold, platinum, and silver in addition to cryptocurrency.
New Hampshire is also allowed to participate in stakes, even if Bitcoin is the sole crypto that is included and it isn’t based on the proof of stake consensus.
New Hampshire could add cryptocurrency such as Ethereum and Solana to their portfolios if their market capitalizations meet certain criteria. They would also earn passive income based on the holdings.
The bill also proposes that digital assets can be lent, if the state maintains ownership, and in both instances, works with third party providers.
Sneaky?
Dennis Porter, co-founder and CEO of Satoshi Action Fund, is welcomed The bill You can find out more about this by clicking here. It added the requirement of a high market capitalization to limit state investments in Bitcoin. He said that it was impossible to name the asset in the bill in certain US states.
As a response to the comments that it was a “sneaky way”Porter said that the state Treasury will be adding Bitcoins. You can learn more about this by clicking here.:
“It’s not a ‘sneaky’ way. Some states will require us to develop tech neutral bills which is very common in policy. It’s a way to reduce political friction. Some bills will be Bitcoin exclusive, some will be based on market cap. We work with lawmakers to ensure they have confidence in the bill passing.”
New Hampshire has become the latest US state to introduce legislation in order to create a Bitcoin Strategic Reserve. Porter told reporters that ten more US States are ready to present similar legislation focusing on a Bitcoin reserve within the next weeks and months.
Rep. Mike Cabell You can also read about the advantages of using Similar legislation will be introduced in Pennsylvania by Representative Giovanni Capriglione on November 14, 2020. Follow us on Instagram The same legislation Texas was less than a one-month wait.
Meanwhile, Alabama’s State Auditor Andrew Sorrell recently Created by: Jimmy Patronis is the Florida Chief Financial officer and has a BTC reserve. Advocates For the same decision.
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