New Hampshire snuffs out trailblazing bitcoin bond effort

At the last moment, New Hampshire has turned its back on a groundbreaking effort to establish what was expected to be the first rated, bitcoin-backed bond issued under a state's authority, with a governmental body there 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 , backing a private-sector bond of up to $100 million tied to Bitcoin mining and datacenter firm CleanSpark. The council's vote was the final step.

"It was an extremely short-sighted decision," Keith Ammon, a longtime crypto advocate and the majority floor leader in the New Hampshire House of Representatives, posted on social media site X. "They should gather all 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."

New Hampshire has led among states establishing crypto policies, becoming the first to establish a crypto reserve last year — well ahead of the yet-unfinished federal effort.

Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.

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