🚀 Crypto Market Update – May 7, 2025
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🏛️ New Hampshire Establishes Bitcoin Reserve
In a pioneering move, New Hampshire has become the first U.S. state to establish a cryptocurrency reserve. Under the newly passed legislation HB 302, the state treasurer is authorized to allocate up to 5% of public funds into digital assets with a market capitalization exceeding $500 billion—currently, only Bitcoin qualifies. This law is set to take effect in 60 days and is seen as a potential catalyst for further adoption, possibly driving Bitcoin’s value higher.
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🏛️ U.S. Senate Targets Crypto Regulation Amid Political Tensions
Senate Democrats are intensifying scrutiny of former President Donald Trump's crypto-related ventures amid broader efforts to regulate the digital asset market in the U.S. A newly published 212-page draft bill aims to establish a comprehensive market structure for cryptocurrencies, delineating oversight roles between the SEC and CFTC. However, political tensions flared during a scheduled joint hearing when Rep. Maxine Waters objected to it, halting the discussion. Additionally, Sen. Jeff Merkley is set to introduce the End Crypto Corruption Act, which would prohibit high-ranking officials and their families from issuing or endorsing cryptocurrencies.
