NYC Comptroller Slams Mayor Eric Adams’ Bitcoin Bond Plan as’ Fiscally Irresponsible ‘
New York City’s Comptroller removed a plan by Mayor Eric Adams to return bonds to municipality with Bitcoin
which is called “legal weakness -suspicious and unresponsive to fiscal.”
Comptroller Brad Lander, who co-managed city debt release, declined the proposal just days after Adams built the so -called “bitbond” In a lot at a Bitcoin conference in Las Vegas.
“Cryptocurrencies are not stable enough to supply our city’s infrastructure, reach -so -so -so -so -so -to -school, or schools,” Lander told A Press release. He added that such a move could shake the investor’s confidence and run federal tax law.
The idea is part of Adams’ wider pushing to position New York as a global crypto hub. Since then, he has converted Paychecks to Crypto and launched a Digital Asset Advisory Council.
But Lander pushed against the bond, which could use some of the proceeds to buy BTC. He argues that the city borrowing system is based on the US dollar, and any deviation will require mechanisms without the city, such as converting Bitcoin to cash for public spending.
