History was almost made - only to fall apart at the very last step. New Hampshire has walked away from a pioneering effort to issue the first rated Bitcoin-backed bond under state authority after a government body scrapped the project.
Just months after credit rating agency Moody’s assigned the instrument a Ba2 rating, the New Hampshire Executive Council - a council tasked with reviewing major state financial moves - voted 3-2 in favor of those concerned about the state’s financial reputation.
$100 Million Derailed at the Voting Table
The bond was slated to be issued by the New Hampshire Business Finance Authority, supporting up to $100 million (around Rp1.6 trillion) in private-sector bonds tied to Bitcoin mining and data center firm CleanSpark. The council’s vote was the final hurdle - and the one that brought it all to an end.
“It was a very short-sighted decision,” wrote Keith Ammon, a veteran crypto advocate and majority leader in the New Hampshire House of Representatives, on social media platform X. He stated that councilors should gather all the facts and reconsider their vote at the next meeting.
Not Giving Up, but the Symbolic Damage Is Done
Ammon pointed out that this is an election year for council members, and it only takes one person to flip their vote to change the outcome. “We are not giving up,” he said. New Hampshire has indeed been leading US states in crypto policy - last year it became the first to establish a crypto reserve, well ahead of unfinished federal efforts.
What makes this rejection sting is not just the $100 million (Rp1.6 trillion) deal that fell through, but the signal it sends. A state that is typically the boldest when it comes to digital assets hit the brakes right at the finish line - a reminder that between progressive discourse and official sign-offs, there is still a chasm that can upend everything in a single vote.
Reported by CoinDesk.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
