New York City's Comptroller, Brad Lander, has publicly criticized Mayor Eric Adams' recent plan to issue municipal bonds backed by Bitcoin. Lander described the proposal, presented at a Las Vegas Bitcoin conference, as 'legally dubious and fiscally irresponsible.' The Comptroller, responsible for managing the city's debt issuance, emphasized that cryptocurrencies lack the stability necessary to support essential municipal functions such as infrastructure, affordable housing, and educational facilities.
Adams' Bitcoin bond plan, referred to as 'BitBond', aims to establish New York as a leading global crypto hub. Since taking office, he has made moves like converting his paycheck into crypto and forming a digital asset advisory council. Yet, Lander warned that such bonds could diminish investor confidence and potentially conflict with federal tax laws. He pointed out that the city's borrowing framework is firmly based on the U.S. dollar, and introducing Bitcoin would necessitate mechanisms that currently do not exist, including converting the cryptocurrency into cash for public expenditures.
Adams' Bitcoin bond plan, referred to as 'BitBond', aims to establish New York as a leading global crypto hub. Since taking office, he has made moves like converting his paycheck into crypto and forming a digital asset advisory council. Yet, Lander warned that such bonds could diminish investor confidence and potentially conflict with federal tax laws. He pointed out that the city's borrowing framework is firmly based on the U.S. dollar, and introducing Bitcoin would necessitate mechanisms that currently do not exist, including converting the cryptocurrency into cash for public expenditures.
