At the last minute, New Hampshire has turned its back on a groundbreaking effort to establish what was expected to be the first qualified bitcoin-backed bond issued under the authority of a state, and a government body canceled the project.
Just months after Moody’s Ratings gave the bond a Ba2 rating, the New Hampshire Executive Council, which reviews major state financial stocks, closed the door with a 3-2 decision that sided with those concerned about the state’s financial reputation.
The financial instrument was to be issued by the New Hampshire State Enterprise Finance Authority, backing a private sector bond of up to $100 million tied 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 veteran cryptocurrency advocate and majority leader in the New Hampshire House of Representatives, posted on 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 is an election year for council members, and it only takes one to change the vote, adding, “We will not give up.”
