NY Comptroller Brendan Lander has expressed opposition to Mayor Eric Adams's proposal for Bitcoin bonds to fund city projects.
Comptroller's Comments
Lander stated, "Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools." He emphasized that introducing Bitcoin into the city’s capital planning could undermine investor confidence and introduce unnecessary risks.
Mayor’s Proposal for Bitcoin Bonds
The proposal, dubbed 'BitBond' by Mayor Adams, was unveiled during his appearance at the Bitcoin 2025 conference in Las Vegas. Adams frames the idea as a way to position New York City as a national leader in crypto innovation.
Divergence of Opinion Among City Officials
Lander, a Democrat and potential challenger in the upcoming mayoral election, dismissed the idea as 'legally dubious and fiscally irresponsible.' He pointed to strict federal tax laws restricting the use of tax-exempt municipal bonds.
Thus, the debate about the role of cryptocurrencies in the city's finance continues, highlighting the division among New York's leadership.
