New Hampshire’s Bitcoin Bond Initiative Falls Short as Council Votes Against

New Hampshire’s Bitcoin Bond Initiative Falls Short

In a surprising move, the New Hampshire Executive Council has voted against a pioneering $100 million bitcoin bond proposal. This decision came at the final approval stage, with a 3-2 vote against the initiative intended to back a private-sector project involving CleanSpark, a firm engaged in Bitcoin mining and data centers.

Concerns Over Financial Reputation

The proposal aimed to be the first of its kind – an officially rated bond supported by bitcoin, which had recently received a Ba2 credit rating from Moody’s Ratings. The council’s rejection stems from concerns regarding the potential impact on the state’s financial reputation, underscoring a cautious approach towards innovative financial instruments.

A Call to Reconsider

Keith Ammon, a prominent advocate for cryptocurrency and the majority floor leader in the New Hampshire House of Representatives, expressed disappointment on social media. He described the decision as “extremely short-sighted” and urged the council to revisit the facts surrounding the bond proposal in a future meeting. Ammon noted that with an upcoming election, the dynamics of the council could change, allowing for a potential reversal of this decision.

New Hampshire’s Crypto Leadership

Despite this setback, New Hampshire has been at the forefront of establishing cryptocurrency policies, having been the first state to create a crypto reserve last year. This latest move marks a significant development in the ongoing discourse surrounding state-level cryptocurrency initiatives and their implications.