The New Hampshire State Executive Committee rejected the $100 million state government Bitcoin bond project in a 3-2 vote on July 10; the bond was issued by the New Hampshire Bureau of Business Finance Administration and is considered the first Bitcoin-backed bond endorsed by a state government. State House Majority Leader Keith Ammon called the decision extremely shortsighted and stated that committee members are in an election year, "just one vote can change the outcome, and we will not give up."
New Hampshire State Executive Committee 3-2 Rejection, Keith Ammon Calls It "Extremely Shortsighted"
According to reports, the rejected Bitcoin bond has the following key features:
· Issued by the New Hampshire Bureau of Business Finance Administration;
· Backed by Bitcoin mining and data center company CleanSpark;
· Rated Ba2 by Moody’s two months ago;
· Considered the first Bitcoin-backed bond endorsed by a state government.
After the committee’s 3-2 vote to reject, House Majority Leader Keith Ammon said, "This is an extremely shortsighted decision," adding that committee members are in an election year, "just one vote can change the outcome, and we will not give up."
Last year, New Hampshire took the lead in establishing a crypto reserve in the U.S., ahead of ongoing federal efforts.
CLARITY Bill Consolidation Version Adds Over 70 Pages, Submission Expected as Early as July 20
According to reports, the consolidated version of the CLARITY bill was negotiated jointly by the Senate Banking Committee and the Agriculture Committee, adding over 70 pages. It is expected to be announced as early as next week, with supporters anticipating submission for full Senate review as early as the week of July 20.
Current major unresolved issues include:
Ethics Clauses: Democrats demand restrictions on high-level government officials (including the President) engaging in business with the crypto industry; some specific proposals include allowing attorneys general to sue for violations of ethics rules; negotiations are reportedly stalled.
Federal Priority: Still under discussion.
SEC and CFTC Minority Member Appointments: The White House has sent letters to the Senate’s two-party leaders, indicating that Democrats have yet to nominate candidates for minority positions on relevant committees.
Bill requires 60 Senate votes to advance: Two Democrats who supported the banking committee version warn that if the final version does not address ethics issues, they may not vote in favor.
Wyden Supports BRCA Clause, White House Has Not Yet Approved Consolidation Version
According to reports, Oregon Democratic Senator Ron Wyden wrote to Senate leadership on Wednesday, expressing support for the BRCA (Blockchain Regulatory Certainty Act) clause in the CLARITY bill, which aims to ensure that crypto developers who do not hold customer assets are not classified as money transfer institutions. Maintaining BRCA has become a top negotiation goal in the DeFi sector.
However, the White House has not yet approved the consolidated version and has not participated in recent negotiations. The House is nearly paralyzed due to internal Republican disputes and also needs to approve the Senate version. Recently, Trump refused to sign bipartisan housing legislation, raising concerns about his stance on the CLARITY bill.
FAQs
What is the Bitcoin bond rejected by New Hampshire, and who voted against it?
According to CoinDesk, the bond was issued by the New Hampshire Bureau of Business Finance Administration, backed by Bitcoin mining and data center company CleanSpark, rated Ba2 by Moody’s, and considered the first Bitcoin-backed bond endorsed by a state government. The committee’s 3-2 vote to reject was described by House Majority Leader Keith Ammon as "extremely shortsighted."
What is the biggest legislative obstacle for the CLARITY bill right now?
Reports indicate that the main issue is the ethics clauses: Democrats demand restrictions on high-level officials’ (including the President’s) business ties to the crypto industry, with negotiations reportedly stalled. Additionally, federal priorities and SEC and CFTC minority seat nominations remain unresolved.
What is the latest legislative schedule for the CLARITY bill?
The consolidated version is expected to be announced as early as next week. Supporters anticipate submitting it for full Senate review as early as the week of July 20. However, the Senate schedule (remaining three weeks in July plus the first week of August) is very tight, and the House must also approve it separately. Ultimately, it still requires Trump’s signature.
