New Hampshire’s Executive Council rejected a proposed bitcoin-backed bond in a 3-2 vote, ending a state-authorized project that had been expected to be the first rated bond of its kind. The planned instrument would have supported up to $100 million tied to CleanSpark, a Bitcoin mining and data center company.
New Hampshire’s Executive Council rejected a proposed bitcoin-backed bond in a 3-2 vote, ending a state-authorized project that had been expected to be the first rated bond of its kind. The planned instrument would have supported up to $100 million tied to CleanSpark, a Bitcoin mining and data center company.
The proposal mattered because it would have tested how far state-backed financial structures can go in connecting traditional public finance with crypto-linked assets. According to CoinDesk, council members who opposed the measure sided with concerns about the state’s financial reputation.
New Hampshire has halted a proposed bitcoin-backed bond after the state’s Executive Council rejected the project in a 3-2 vote. The decision came at the final approval stage for an effort that had been expected to create the first rated, bitcoin-backed bond issued under state authority.
The proposal mattered because it would have tested how far state-backed financial structures can go in connecting traditional public finance with crypto-linked assets. According to CoinDesk, council members who opposed the measure sided with concerns about the state’s financial reputation.
The bond was planned through the Business Finance Authority of the State of New Hampshire and would have backed a private-sector bond of up to $100 million connected to CleanSpark, a Bitcoin mining and data center firm. Moody’s Ratings had given the bond a Ba2 rating a few months before the council vote.
Keith Ammon, a crypto advocate and majority floor leader in the New Hampshire House of Representatives, criticized the decision on X and called for the council to reconsider after reviewing more information. He also told CoinDesk that supporters were not giving up, noting that council members face an election year and that one changed vote could alter the outcome.
The rejection stands out because New Hampshire has been one of the more active U.S. states on crypto policy. CoinDesk reported that the state became the first to establish a crypto reserve last year, ahead of an unfinished federal effort.
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