NYC Comptroller Rejects Mayor Adams’ Bitcoin Bond Proposal as Irresponsible
New York City Comptroller Brad Lander has rejected Mayor Eric Adams' proposal to back municipal bonds with bitcoin (BTC), labeling it "legally dubious and fiscally irresponsible." Key points include:
- Lander cited instability of cryptocurrencies as unsuitable for financing infrastructure, housing, or schools.
- He expressed concerns that the proposal could undermine investor confidence and violate federal tax law.
- The plan is part of Adams' initiative to make New York a global crypto hub, including converting paychecks into crypto and forming a digital asset advisory council.
- Lander emphasized that the city’s borrowing system relies on the U.S. dollar, requiring mechanisms to convert bitcoin for public spending that the city lacks.