New Hampshire passed HB302, allowing up to 10% of certain funds to be allocated to Bitcoin and precious metals. Florida’s HB487 also progressed through a key committee. Arizona is still the frontrunner in the race for formal Bitcoin reserves. In other news, Bitcoin-denominated life insurance firm Meanwhile raised $40M to expand services in inflation-hit economies. However, New York Attorney General Letitia James issued a stark warning to Congress, urging strict federal regulations on crypto and opposing its inclusion in retirement funds.
State-Level Bitcoin Adoption Expands
New Hampshire and Florida have both taken big steps toward adopting Bitcoin as part of their state-level financial strategies. On April 10, New Hampshire’s House passed HB302 with a narrow 192-179 vote. This made the state the fourth in the US to pass a Bitcoin reserve bill through one chamber of its legislature.
The bill now moves to the state Senate for consideration. If it ultimately gets signed into law by Governor Kelly Ayotte, HB302 will empower the state treasurer to allocate up to 10% of New Hampshire’s general fund and other designated funds into Bitcoin and precious metals. The legislation limits eligible digital assets to those with a market capitalization above $500 billion, which is a requirement that only Bitcoin currently meets.
However, the bill also caused some debate among lawmakers. Democrat Representative Terry Spahr argued that the legislation is redundant, due to the treasurer’s existing authority to make such investments, and warned of the risks of locking the state into rigid security protocols. In contrast, Republican Representative Jordan Ulery supported the measure, and is excited about the potential financial gains for the state through digital asset investments.
New Hampshire is also advancing other blockchain-related bills. HB310 focuses on stablecoins and the tokenization of real-world assets, while HB639 aims to establish clearer regulations and dispute resolution mechanisms for blockchain-based technologies.
On the same day, Florida’s House Insurance and Banking Committee unanimously passed its own Bitcoin reserve bill, HB487. The bill must still pass through two more committees before heading to the House floor. If it gets approved, it will authorize Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds into Bitcoin.
The bill allows for direct investments or those made via exchange-traded products and includes detailed requirements for secure custody of the assets. Bill sponsor Republican Representative Webster Barnaby urged his colleagues to support the legislation as he believes it is an opportunity to position Florida at the forefront of a growing financial frontier.
State reserve race (Source: Bitcoin Laws)
Arizona is still in the lead of the national race to create a formal Bitcoin reserve. Two of its bills, SB1373 and SB1025, recently advanced past the House Rules Committee and await a full floor vote. Should they succeed, they will then require the approval of Arizona’s Democratic Governor, Katie Hobbs, to become law.
Meanwhile Taps Bitcoin to Reinvent Life Insurance
Bitcoin-denominated life insurance startup Meanwhile raised $40 million in a Series A funding round to expand its offerings in inflation-prone economies. The round was led by Framework Ventures and Fulgur Ventures, with participation from Xapo founder Wences Casares. This latest funding round follows a previous one of $20.5 million that was backed by OpenAI CEO Sam Altman and other investors.
The company is regulated by the Bermuda Monetary Authority, and offers whole life insurance policies denominated in Bitcoin. These policies allow holders to pay monthly premiums in BTC, and beneficiaries receive payouts in Bitcoin upon the policyholder’s death. Meanwhile also enables clients to access their policy value anytime through loans and tax-free partial withdrawals.
Co-founder Zac Townsend explained that the product targets people in countries with high inflation or unstable currencies, presenting Bitcoin as an alternative to fiat-denominated insurance policies. This reflects the growing trend among consumers in both developing and developed economies to seek financial protection against currency debasement.
However, Bitcoin’s role as an inflation hedge is still a topic of debate. Although it was once widely regarded as a defense against rising prices due to its fixed supply, a 2025 study in the Journal of Economics and Business found its inflation-hedging properties weakened after broader institutional adoption. The report pointed to Bitcoin’s sharp 60% decline in 2022 when US inflation spiked to a four-decade high above 9%.
Study findings (Source: Journal of Economics and Business)
However, some investors, including Anthony Pompliano, argue that Bitcoin’s early pandemic surge stemmed from expectations of inflation triggered by massive government stimulus. Despite the debate, Bitcoin historically outpaced inflationary trends since its inception, making it an attractive asset for long-term preservation of value.
Letitia James Opposes Crypto in Retirement Funds
While some US states and businesses are embracing crypto, New York Attorney General Letitia James urged US congressional leaders to implement stronger federal regulations for the cryptocurrency industry. She specifically warned of serious risks to investors, national security, and financial stability if the sector remains largely unregulated. In a 14-page letter that was shared on April 10, James explained that there is a need for “common sense” crypto laws and called on Congress to take immediate legislative action to rein in the digital asset space.
First page of James’ letter
James outlined six major risks associated with unregulated crypto markets, including the threat to US dollar dominance, increased criminal activity, and destabilization of financial markets. She argued that the lack of oversight enables widespread fraud, manipulative trading practices, and the extraction of value from the American economy. Investors, she said, are exposed to rigged markets and rampant price manipulation, leading to substantial financial losses.
Among her policy recommendations, James called for legislation that mandates stablecoin issuers to be based in the United States and subjected to regulatory oversight. She also wants these digital currencies to be fully backed by US dollars or Treasury securities. Additionally, she urged Congress to require crypto platforms to only engage with anti-money laundering-compliant entities, establish registration requirements for issuers and intermediaries, enforce conflict-of-interest protections, and enhance transparency and fraud prevention mechanisms.
James also voiced strong opposition to the inclusion of cryptocurrencies in pension funds, and warned that their extreme volatility makes them unsuitable for retirement savings. She claimed that digital assets lack intrinsic value and are not subject to genuine price discovery. Her concerns extended to crypto exchange-traded funds, which she argued are far riskier than traditional ETFs backed by stocks or bonds due to the possibility of permanent loss or theft of the underlying crypto assets.
Her letter was sent at a time of growing scrutiny over the cryptocurrency industry, coinciding with the US Department of Justice’s recent move to dismantle its federal cryptocurrency fraud enforcement division. James concluded her letter by urging Congress to act decisively, and stated that the stakes involve not only financial integrity but also national security and the wellbeing of American citizens.
