Crypto Law Profile
New Hampshire HB 302 established RSA 6:8-d, authorizing limited state treasury investment in precious metals and qualifying digital assets subject to a 5% cap and custody rules.
New Hampshire HB 302 established RSA 6:8-d, titled “Strategic Reserve Established,” as a state treasury investment authority for precious metals and qualifying digital assets. Governor Kelly Ayotte signed the measure on May 6, 2025, and the General Court docket recorded it as 2025 Chapter 4. The compiled 2025 New Hampshire Revised Statutes source lists RSA 6:8-d as effective July 5, 2025. The law should be read as a public-funds investment authorization for the state treasurer, not as a consumer-facing crypto licensing regime.
The statute permits the state treasurer, notwithstanding the existing RSA 6:8 investment rule, to invest a portion of public funds in precious metals and digital assets that satisfy a market-capitalization screen. The eligible funding sources named in the text are the general fund, the revenue stabilization fund established under RSA 9:13-e, and other funds when separately authorized by the legislature.
HB 302 is notable for placing custody mechanics directly in the statutory text. Digital assets acquired by the relevant funds may be held directly by the state treasurer through a secure custody solution, on behalf of the state by a qualified custodian, or in the form of an exchange-traded product issued by a registered investment company. The statute defines a qualified custodian to include federal or state-chartered banks, trust companies, special purpose depository institutions, or state-regulated companies that custody digital assets for approved ETPs.
The secure custody definition is detailed. It requires government-exclusive knowledge and access to private keys, encrypted environments and channels, no smartphone custody of keys, hardware maintained in at least two geographically diversified secure data centers, multi-party governance, user access controls, action logs, disaster recovery, code audits, and penetration testing. These provisions make custody a central part of the New Hampshire strategic reserve framework.
The same section also permits precious metals exposure. Precious metals acquired under the statute may be held as an exchange-traded product, in physical form by a qualified custodian, or directly by the state in physical form. The law also contemplates direct physical holding “in conjunction with another state” under a rule to be established by the treasurer. That rulemaking reference should be reviewed separately if the treasurer later publishes implementing rules or investment-policy updates.
HB 302 was introduced in the House during the 2025 Regular Session and referred to Commerce and Consumer Affairs. The House later passed the measure on April 10, 2025, by division vote, and the Senate passed it on May 1, 2025, by voice vote. The bill was enrolled on May 6 and recorded on the docket as signed by Governor Ayotte, Chapter 4, on May 7.
As of June 3, 2026, the profile status is treated as in force because RSA 6:8-d appears in the 2025 New Hampshire Revised Statutes with a July 5, 2025 effective date. Editors should preserve a verification note because the official legislative docket text includes an “eff. 05/07/2025” notation, while the enacted bill text says the act takes effect 60 days after passage and the compiled statute lists July 5, 2025.
The law applies at the New Hampshire state-government level. Its practical impact is concentrated on state treasury investment authority, public-fund reserve policy, custody vendors, qualified custodians, and ETP structures that may be used by the treasurer. It does not create a general consumer right to hold crypto assets, does not regulate private exchanges as a licensing statute, and should not be read as investment, tax, or legal advice for market participants.
Adds RSA 6:8-d, allowing the state treasurer to invest selected public funds in precious metals and qualifying digital assets.
Limits qualifying digital assets to those with market capitalization above $500B averaged over the previous calendar year.
Prohibits investing more than 5% of total public funds in the authorized reserve assets described in RSA 6:8-d.
Requires digital assets to be held through secure state-controlled custody, a qualified custodian, or an exchange-traded product.
Defines silver, gold, and platinum as precious metals and permits ETP, qualified-custodian, or direct physical holding.
HB 302 was introduced and referred to Commerce and Consumer Affairs.
House passed HB 302 by division vote, 192-179.
Senate adopted the ought-to-pass motion by voice vote.
Docket records signature by Gov. Ayotte on 05/06/2025; Chapter 4 posted 05/07/2025.
Compiled RSA source lists the Strategic Reserve section as effective July 5, 2025.
Exchange-traded product issuers, Government treasuries, Qualified custodians
Digital assets, Precious metals
Effective-date verification note: the official docket records “eff. 05/07/2025,” while the enacted text says the act takes effect 60 days after passage. The compiled RSA source lists July 5, 2025.
