At the last moment, New Hampshire turned its back on a groundbreaking effort to establish what was supposed to be the first bitcoin-backed rated bond issued under state authority, with a government agency canceling the project.
Just months after Moody’s Ratings gave the bond a Ba2 rating, the New Hampshire Executive Council, which reviews the state’s major financial actions, slammed the door with a 3-2 decision that sided with those worried about the state’s financial reputation.
The financial instrument was to be issued by the Business Finance Authority of the State of New Hampshire, securing a private sector bond of up to $100 million related to Bitcoin mining and data center company CleanSpark. The council vote was the final step.
“This was an extremely short-sighted decision,” Keith Ammon, a longtime crypto advocate and majority leader in the New Hampshire House of Representatives, told the social media site X. “They should gather all the relevant facts and information and reconsider their vote at a future meeting.”
Ammon told CoinDesk that it’s an election year for council members and it only takes one to swing the vote, adding, “We’re not giving up.”
