New York City Comptroller has dismissed a plan from Mayor Eric Adams to support municipal bonds with Bitcoin
that calls it “legally questionable and financially irresponsible.”
Comptroller Brad Lander, who co-administers the city’s debt issue, rejected the proposal just days after Adams beat the so-called “Bitbond” to an audience at a Bitcoin conference in Las Vegas.
“Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing or schools,” Lander said in a press release. He added that such a step could shake the investor’s confidence and run by federal tax law.
The idea is part of Adams’ wider push to place New York as a global crypto hub. Since he joined, he has converted paychecks to Krypto and launched a digital advisory advice for digital asset.
But lands pushed back against the bond, which could use some of the proceeds to buy BTC. He argued that the city’s borrowing system is based on the US dollar, and any deviation would require mechanisms that the city does not have, like converting Bitcoin into cash into public spending.
