Credit rating agencies can validate Bitcoin collateral structures, but government approval remains a separate and potentially insurmountable hurdle

"That service never launched, because the necessary regulatory sign-off never came. Back in 2022 there was a plan to provide similar services, but the deal stalled at the Bank of Israel... Leumi and Galaxy expect the service inside Leumi Trade in early 2027, pending Bank of Israel sign-off. The same gate that stopped the 2022 plan."

"Moody's assigned provisional Ba2 ratings to up to $100 million in taxable revenue bonds for the Waverose Finance Project. The council vote addressed the public-finance question separately: officials were unwilling to let this version of the structure enter the municipal bond pipeline."