New Hampshire's Executive Council voted 3-2 on July 8 to reject a proposed $100 million Bitcoin-backed municipal bond. The decision ended the final approval stage for the project, which aimed to be the first rated Bitcoin-backed bond issued under state authority.
The bond would have been issued by the Business Finance Authority of the State of New Hampshire. It was structured to back a private-sector loan to CleanSpark without exposing taxpayers or state funds to repayment risk.
Moody's had assigned a provisional Ba2 rating to the bonds earlier. The vote came after a public hearing and followed months of planning by Wave Digital Assets, Rosemawr Management, and the authority.
Keith Ammon, a state representative and crypto advocate, called the decision extremely short-sighted. He urged the council to reconsider the matter at a future meeting.
The rejection leaves the Bitcoin-backed bond proposal unfinished at the public approval stage.
