According to Bloomberg, the New Hampshire Executive Council of the United States rejected a proposal for issuing Bitcoin-backed municipal bonds. It refused to approve the state’s Office of Business Finance to issue $100 million taxable municipal bonds via private placement. Under the proposal, the borrower, Bitcoin miner CleanSpark, would post Bitcoin worth $175 million as collateral. A forced liquidation would be triggered if the collateral value falls below $140 million. Principal and interest of the bonds would be fully covered by Bitcoin collateral without using public funds or taxpayer money. Opposing council members argued the plan fails to deliver direct infrastructure benefits to the state, and the state government should not endorse financing tied to highly volatile crypto assets.