New Hampshire's House Bill 302, which would allow the state treasurer to invest up to 10% of general funds in major cryptocurrencies, has passed its second Senate committee. The legislation cleared the committee with a 4-1 vote on April 23 and now proceeds to a full Senate vote as reported by BTC Peers.

The bill specifically targets cryptocurrencies with market capitalizations exceeding $500 billion for potential state investment. It was introduced in January and previously passed the New Hampshire House by a narrow margin of 192-179 earlier this month.

If the full Senate approves the measure, it will then need the governor's signature to be enacted into law. The proposal has created division among state lawmakers regarding its necessity and potential benefits.

Democratic Representative Terry Spahr has opposed the measure, arguing that the legislation is redundant. Spahr contends that the state treasurer already has sufficient authority to manage investments without requiring additional laws.

Republican Representative Jordan Ulery has voiced support for the bill, suggesting that cryptocurrency investments could yield substantial returns for New Hampshire. Ulery noted that such investments might bring in a "large amount of money" for the state.

According to Bitcoin Laws, which tracks digital asset legislation, New Hampshire has two other blockchain-related bills in progress. HB 639 focuses on blockchain dispute resolution and regulatory frameworks, while HB 310 addresses real-world asset tokenization and stablecoin usage.

New Hampshire's approach contrasts with Arizona's more ambitious initiative. Arizona is currently considering the establishment of a strategic Bitcoin reserve with the aim of becoming the first US state to implement such a policy.

The trend extends internationally, with Swedish MP Rickard Nordin recently proposing Bitcoin as an addition to Sweden's national reserves. In an April 8 letter to Finance Minister Elisabeth Svantesson, Nordin suggested Bitcoin could complement Sweden's traditional reserve assets of foreign currencies and gold.