New Hampshire has halted its pioneering initiative to issue a bitcoin-backed bond, marking a significant setback for the state's financial innovation efforts. The New Hampshire Executive Council voted 3-2 against the project, which was set to be the first state-rated bitcoin bond, citing concerns over the state's financial reputation. The bond, rated Ba2 by Moody's, was to be issued by the Business Finance Authority and backed by CleanSpark, a Bitcoin mining and datacenter firm, with a value of up to $100 million. Keith Ammon, a crypto advocate and New Hampshire House majority floor leader, criticized the decision as short-sighted and urged the council to reconsider. Ammon noted the political context, highlighting that it's an election year for council members, suggesting the decision could be revisited in the future.