The first quarter of 2025 changed the direction of federal digital-asset policy almost overnight. Within weeks, the White House, the SEC and the OCC reversed positions that had defined the previous four years. In Concord, the House took up three bills that together would make New Hampshire one of the most welcoming states for digital assets. This roundup covers the developments that matter most to New Hampshire Blockchain Council members.

Executive Order 14178 sets a new federal policy

On January 23, President Trump signed Executive Order 14178, "Strengthening American Leadership in Digital Financial Technology." The order makes it federal policy to protect the ability of individuals and businesses to:

  • access and use open public blockchain networks for lawful purposes;
  • maintain self-custody of digital assets;
  • participate in mining and validating;
  • have fair and open access to banking services.

The order also prohibits the establishment, issuance, circulation and use of a central bank digital currency, and revokes Executive Order 14067 of March 2022. It creates the President's Working Group on Digital Asset Markets, chaired by the Special Advisor for AI and Crypto. Within 180 days the Working Group must recommend regulatory and legislative proposals, and it must evaluate a possible national digital asset stockpile.

A Strategic Bitcoin Reserve for the United States

On March 6, the President followed with Executive Order 14233, establishing a Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile. The reserve is capitalized with bitcoin the Treasury holds from final criminal or civil forfeitures. The order says that bitcoin "shall not be sold" and will be maintained as a reserve asset. Other forfeited digital assets go into the stockpile. The Treasury and Commerce Secretaries are to develop strategies for acquiring more bitcoin, provided those strategies are budget neutral and impose no incremental costs on taxpayers.

The SEC and OCC change course

Financial regulators moved just as quickly.

  • Crypto Task Force. On January 21, Acting Chairman Mark Uyeda announced a new Crypto Task Force led by Commissioner Hester Peirce. It is dedicated to "developing a comprehensive and clear regulatory framework for crypto assets."
  • SAB 121 rescinded. On January 23, SEC staff issued Staff Accounting Bulletin No. 122. It withdrew SAB 121, the staff guidance on accounting for obligations to safeguard crypto assets held for platform users.
  • Coinbase case dropped. On February 27, the SEC announced it would dismiss its civil enforcement action against Coinbase. The agency said the decision rests on its efforts "to reform and renew its regulatory approach to the crypto industry," not on an assessment of the merits.
  • Banks cleared for crypto activities. On March 7, the OCC issued Interpretive Letter 1183. It confirms that national banks may provide crypto-asset custody, engage in certain stablecoin activities and participate in distributed ledger node networks. It also removes the requirement to obtain supervisory non-objection first. Acting Comptroller Rodney E. Hood said the change ensures bank activities "are treated consistently by the OCC, regardless of the underlying technology."

The New Hampshire House moves three bills

Three bills introduced in January made progress in the House this quarter.

  1. HB 302, the strategic reserve. HB 302 would let the state treasurer invest public funds in precious metals and in digital assets with a market capitalization of over $500 billion, capped at 5 percent per authorized investment. House Commerce recommended it 16–1 with an amendment, and the House adopted it by voice vote on March 13. It then went to Ways and Means, which held a hearing on March 25.
  2. HB 639, the Blockchain Basic Laws. HB 639 would protect the right to use digital assets for payment, self-custody, run nodes, mine and stake. It would also bar taxes based solely on paying with digital assets, and set up a blockchain dispute docket in superior court. House Commerce recommended it 14–3 with an amendment. On March 13 the House adopted the amendment by voice vote and referred the bill to Finance, which held a work session on March 24.
  3. HB 310, the study commission. HB 310 would create a commission to study a regulatory framework for stable tokens, tokenized real-world assets and blockchain-based trusts. House Commerce recommended it 16–0, and the House passed it by voice vote on March 26. It was introduced in the Senate and referred to Senate Commerce on March 27.

What it means for New Hampshire

Washington spent the quarter removing obstacles: protecting self-custody and mining as federal policy, clearing banks to serve the industry and replacing enforcement with a task force. That makes the state's choices more important, not less. HB 302 and HB 639 must clear their second House committees before returning to the floor, and HB 310 now heads to the Senate. If all three succeed, New Hampshire would have a strategic reserve, statutory protections for everyday blockchain activity and a commission to plan for tokenized finance. Members should watch the next House sessions closely.