New Hampshire’s executive council voted down a proposal to issue $100 million in Bitcoin-backed bonds on Friday, dealing a setback to one of the most closely watched state-level crypto initiatives in the United States. The 3-2 vote came despite support from Governor Kelly Ayotte and prior approval from the New Hampshire Business Finance Authority.
New Hampshire’s Bitcoin bond proposal rejected
The proposal would have allowed CleanSpark to provide Bitcoin as collateral for the bonds, building on New Hampshire’s crypto-friendly legislative agenda after lawmakers passed a Bitcoin reserve law in 2025. State representative Keith Ammon called the council’s decision “short-sighted” and urged reconsideration, arguing the bonds would have strengthened the state’s position as a digital asset leader. Opponents warned that the plan exposed the state to unnecessary financial risk. Moody’s had assigned the proposed bond a provisional Ba2 rating earlier this year.
Also read: White House says it received no Democratic nominees for SEC, CFTC vacancies
Circle receives final OCC approval for national trust bank
In a separate development, USDC issuer Circle announced on Friday that it received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank (FNDCB), which will operate under the name Circle National Trust. The approval allows Circle to operate as a federally regulated trust institution, expanding its digital asset custody infrastructure. Circle CEO Jeremy Allaire described the move as “a defining step in bringing blockchain technology and digital assets into the core of the US financial system.” The bank will initially provide fiduciary digital asset custody services for Circle and its affiliates, with potential expansion to a limited group of institutional customers, including banks and regulated derivatives firms, depending on demand.
Robinhood Chain sees strong early adoption
Robinhood’s new layer-2 blockchain, Robinhood Chain, has seen over $70 million in Ether bridged to the network within its first week, according to Token Terminal. The EVM-compatible Arbitrum-based network launched on July 1 and is described by the company as “AI-native and purpose-built for real-world assets.” Token Terminal noted that if adoption continues, the chain could become a meaningful new source of demand for ETH. Robinhood has also begun offering tokenized stocks to customers in more than 120 countries, responding to growing demand for tokenized U.S. equities. Ethereum and its layer-2 networks currently hold more than 50% market share in the tokenized real-world assets (RWA) sector, according to RWA.xyz.
Also read: Phantom and Hyperliquid Urge CFTC to Modernize Rules for Onchain Derivatives
Why these stories matter
The New Hampshire decision highlights ongoing political friction around state-level Bitcoin adoption, even in jurisdictions with generally favorable crypto policies. Circle’s OCC approval represents a significant milestone for stablecoin regulation and federal oversight of digital asset custody. Robinhood Chain’s early metrics suggest that retail-focused layer-2 networks could drive meaningful on-chain activity, particularly for tokenized assets. Together, these developments reflect a maturing crypto environment where regulatory clarity, institutional infrastructure, and user adoption are advancing simultaneously.
Conclusion
Friday’s events underscore the mixed but evolving regulatory and market environment for digital assets in the United States. While state-level Bitcoin initiatives face political hurdles, federal approval for stablecoin banking infrastructure and growing adoption of tokenized assets on new layer-2 networks signal continued integration of crypto into mainstream finance.
FAQs
Q1: Why did New Hampshire reject the Bitcoin bond proposal?
The executive council voted 3-2 against the measure, with opponents citing concerns about exposing the state to unnecessary financial risk from Bitcoin price volatility.
Q2: What does Circle’s OCC approval mean for the stablecoin industry?
It allows Circle to operate a federally regulated national trust bank, expanding its digital asset custody services under federal oversight, which could set a precedent for other stablecoin issuers seeking similar charters.
Q3: How does Robinhood Chain compare to other layer-2 networks?
Robinhood Chain is an Arbitrum-based, EVM-compatible layer-2 network that uses ETH as its native gas token. Its early adoption of over $70 million in bridged ETH in one week positions it as a potentially significant platform for tokenized real-world assets and retail-focused DeFi applications.
Be the first to comment