New Hampshire 2022 Regular Session

New Hampshire House Bill HB1502

Introduced
12/3/21  

Caption

Relative to digital assets and digital securities.

Impact

The proposed bill is poised to have a transformative impact on state laws concerning digital assets. By reclassifying digital assets as property, banks and other financial institutions could enter a new era of services that include the management and custody of such assets. This could encourage more widespread adoption and usage of digital currencies and related technologies, creating new avenues for revenue and innovation in financial services. The establishment of regulations specifically for digital assets could also lead to enhanced consumer protections and operational standards within the banking sector.

Summary

House Bill 1502 (HB1502) aims to create a legal framework for the treatment of digital assets and digital securities within New Hampshire. The bill classifies digital assets as property under the Uniform Commercial Code, allowing banks to provide custodial services for these assets. It outlines the responsibilities of banks, including maintaining custody of digital assets and implementing various standards for security and compliance. This legal recognition is significant as it formally integrates digital assets into existing property laws, potentially affecting a range of financial transactions and services involving such assets.

Sentiment

The sentiment around HB1502 appears largely positive among financial institutions, especially banks that are looking to expand their services into the digital asset space. They view the bill as a necessary step to modernize regulations and keep pace with the evolution of technology in finance. Conversely, there may be concerns from those wary of potential risks associated with digital assets, such as fraud or volatility, which could lead to public dissent regarding the adequacy of regulations put in place.

Contention

One notable point of contention involves the regulatory oversight of banks offering custodial services for digital assets. Critics may argue that enabling banks to manage digital assets could lead to systemic risks, especially if proper risk assessments and safeguard measures are not established adequately. Additionally, there may be tensions surrounding compliance with both state and federal laws governing financial services and technology sectors, given the complex nature of digital assets and ongoing developments in cryptocurrency regulation.

Companion Bills

No companion bills found.

Previously Filed As

NH HB377

AN ACT relating to digital assets.

NH SB0182

Digital Asset Amendments

NH SB17

AN ACT relating to digital assets.

NH SB2632

Digital assets; establish legal nature of.

NH HB4010

Relating to digital assets and recognizing virtual currency

NH HB639

Relative to the use of and disputes over blockchain and digital currencies.

NH SB504

Providing statutory framework for treatment of digital assets

NH HB1388

Use of digital assets.

NH SB1797

DIGITAL ASSETS & CONS PROT ACT

NH SB3666

DIGITAL ASSETS REGULATION ACT

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