At the last minute, New Hampshire has backed away from a groundbreaking effort to establish what was expected to be the first rated, bitcoin-backed bond issued under the authority of a state, with a state agency canceling the project.
Just a few months after Moody’s Ratings gave the bond a Ba2 rating, the New Hampshire Executive Council, which reviews major state financial actions, slammed 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 Business Finance Authority of the state of New Hampshire, which backs a private sector bond of up to $100 million linked to the Bitcoin mining and data center company CleanSpark. The council’s vote was the final step.
“It was an extremely short-sighted decision,” Keith Ammon, a longtime crypto advocate and House Majority Leader of the New Hampshire House of Representatives, wrote on social media X. “They should gather all relevant facts and information and reconsider their vote at a future meeting.”
Ammon told CoinDesk it’s an election year for council members and it only takes one to swing the vote, adding, “We’re not giving up.”
