NYC Comptroller rejects Mayor Adams’s proposal for Bitcoin-backed bonds

Mayor Eric Adams’s push for a Bitcoin-backed municipal bond faces strong opposition from Comptroller Brad Lander, who found the plan "legally dubious and fiscally irresponsible."

New York City Comptroller Brad Lander has criticized Mayor Eric Adams’s proposal to issue municipal bonds backed by Bitcoin, warning that such a move would introduce financial risk and undermine investor confidence.

In a May 29 statement, Lander said he would not allow the New York City to issue the crypto-tied debt instrument while he is in office. Lander’s office shares responsibility for debt issuance with the Mayor’s Office of Management and Budget.

“Cryptocurrencies are not sufficiently stable to finance our City’s infrastructure, affordable housing, or schools,” the comptroller said, adding that the proposal exposes the city
”to new risks and erode bond buyers’ trust.” 

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