Rep. Ammon Comments on Signing of HB1503

Rep. Keith Ammon (R-New Boston), prime sponsor of HB1503 and member of the governor’s Commission on Cryptocurrencies and Digital Assets, released the following statement after Governor Sununu signed HB1503, adopting the Uniform Commercial Code relative to controllable electronic records, relative to exempting the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws and establishing state procurement policies intended to promote the use of American materials.

“The passage of this bill gives New Hampshire a considerable advantage to lead in emerging industries utilizing blockchain, digital ledger technology, virtual currencies, and other digital assets and would provide a sensible framework and legal certainty for transactions of controllable electronic records. Just last year, job postings related to blockchain and cryptocurrency technology exploded, growing by almost 400%. Our state is in a perfect position to take advantage of this booming technology sector and makes several important changes to state law. As lawmakers, we need to ensure that the government does not interfere with the rapid innovation in digital assets and cryptocurrency.”

“As a member of Governor Sununu’s Commission on Cryptocurrencies and Digital Assets, we are committed to advancing necessary reforms that promote economic growth, fostering innovation, and meeting changing customer needs while ensuring safety, soundness, and consumer protection. While I am grateful for Rep. Osborne’s amendment to replace the mandate, in the non-germane portion of this bill, that New Hampshire contracts use American steel, I am also proud that New Hampshire will remain on the forefront of financial innovation and continue to support this growing industry.”

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