Policymakers on New Hampshire’s executive council have voted against a proposal that would allow the state to issue $100 million in bonds backed by Bitcoin (BTC).

At Wednesday’s hearing, the five-member panel voted 3-2 against the New Hampshire Business Finance Authority’s (BFA) proposal to issue $100 million in BTC-backed bonds. The proposed investments, which the body approved in November 2025, have already received the support of Gov. Kelly Ayotte.

“It was an extremely short-sighted decision.” he said state Rep. Keith Ammon in Thursday’s X post after the vote. “I can’t believe I witnessed this in person. They should gather all relevant facts and information and reconsider their vote at a future meeting.”

Councilors Karen Liot Hill, Dave Wheeler and Janet Stevens voted against the measure, with Joseph Kenney and John Stephen approving it. The crypto investments, issued by BFA and with CleanSpark establishing BTC as collateral, would mark New Hampshire’s continued acceptance of its digital asset policy as outlined in the May 2025 Crypto Reserves Act.

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While the BTC-backed bond had support from many in the cryptocurrency industry, some experts warned against the proposal, saying it carried “significant risks” for New Hampshire residents. In March, Moody’s assigned the Bitcoin bond an interim rating of Ba2.

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Since gambling authorities in many US states have already filed lawsuits against prediction market platforms such as Kalshi and Polymarket in connection with sports betting, some was speculated that New Hampshire could join a legal fight challenging the authority of the Commodity Futures Trading Commission (CFTC). State Sen. Tim Lang reportedly planned to introduce legislation restricting prediction markets in New Hampshire in April, but as of Friday, the platforms were still operating in the state.

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