The fourth quarter of 2025 brought a first-of-its-kind financing proposal to New Hampshire and a setback for one of the state's most important digital-asset bills. In Washington, the longest government shutdown on record froze Congress for six weeks, but market-structure work resumed quickly afterward and regulators kept moving. Here are the developments that matter most to council members heading into the 2026 session.

The BFA approves a bitcoin-backed municipal bond

On November 18 the New Hampshire Business Finance Authority's board approved a financing structure for what it called the first municipal bond in the world backed by bitcoin. Key points from the BFA's announcement:

  • The inaugural issuance is $100 million.
  • The bond is secured by bitcoin collateral held by BitGo Trust Company in cold storage, through a New Hampshire statutory trust.
  • No taxpayer funds or state guarantees are at risk, according to BFA Executive Director James Key-Wallace.
  • The BFA's fees will seed a new Bitcoin Economic Development Fund.
  • The deal was conceived by Wave Digital Assets with Rosemawr Management, and Orrick advised the BFA.

Governor Kelly Ayotte called it "an innovative way to bring more investment opportunities to our state." The bond cannot be issued until the Governor and Executive Council approve it, so that vote is the next hurdle.

Blockchain Basics stalls in Senate Commerce

HB 639, the Blockchain Basic Laws bill, passed the House 205–169 in April. It would protect the right to use digital assets for payment, self-custody, run nodes, mine and stake. In the Senate it has struggled. Senate Commerce split 3–3 in May, and the bill was sent back to committee and carried over. In early November the committee reported the bill to the full Senate with a 4–2 recommendation for interim study, which usually ends a bill for the session. The Senate takes up that recommendation in January. The council will be making the case to senators that the bill deserves a floor vote on its merits.

The stable token commission gets to work

The commission created by HB 310 to study stable tokens, tokenized real-world assets and blockchain-based trusts held regular meetings this quarter on October 15, November 12 and December 10. Chaired by Rep. Keith Ammon, it includes legislators, the Banking Department, the Attorney General's office, the Bureau of Securities Regulation and industry and academic members. At the December meeting, commissioners heard presentations from Fortris and the Hedera Foundation on stablecoin use cases, risk management and tokenized asset infrastructure. An unofficial public portal posts agendas, slide decks, minutes and video for anyone who wants to follow along. The commission's report is due November 1, 2026.

Consumer protection is also on the agenda. On December 16, AARP New Hampshire hosted a crypto ATM scam prevention seminar in Manchester with law enforcement and crypto specialists, promoted by the Banking Department. Expect kiosk fraud to be a live issue in Concord in 2026.

Washington: a record shutdown, then market-structure drafts

The federal government shut down on October 1. President Trump signed a funding bill on November 12, ending a record 43-day shutdown.

Work on market structure picked up right away. On November 10, Senate Agriculture Chairman John Boozman and Sen. Cory Booker released a bipartisan discussion draft building on the House-passed CLARITY Act. It would give the CFTC authority over spot trading in digital commodities and includes customer-fund segregation, protections for self-custody and a new CFTC funding stream. Unresolved issues remain in brackets, and Booker said significant work remains.

Regulators keep moving

  • SEC token taxonomy. On November 12, SEC Chairman Paul Atkins laid out a token taxonomy under "Project Crypto." He said digital commodities or network tokens, digital collectibles and digital tools are not securities, while tokenized securities are. He also said investment contracts "can be performed and they can expire," so a token does not stay a security forever because of its origin story. He expects the Commission to consider a formal taxonomy and tailored exemptions in the coming months.
  • Spot crypto on regulated exchanges. On December 4, CFTC Acting Chairman Caroline Pham announced that listed spot crypto products would begin trading for the first time on CFTC-registered futures exchanges.

What it means for New Hampshire

The BFA bond shows that New Hampshire can lead not only in statute but in public finance, and it will test whether the Executive Council is ready to back that leadership. HB 639 is the quarter's warning sign. Without Senate action in January, the strongest protections for self-custody, node operation, mining and staking in the state's history could be shelved. Federal clarity on token classification and spot markets is coming. The question for 2026 is whether New Hampshire locks in its own protections while it still has the chance to lead.