NYC Comptroller Rejects Mayor Adams’s “Bitbond” Proposal as Legally and Fiscally Flawed

New York City Comptroller Brad Lander has firmly rejected Mayor Eric Adams’s proposal to issue Bitcoin-backed municipal bonds, labeling the initiative as “legally dubious and fiscally irresponsible.” Lander emphasized that the volatility of cryptocurrencies like Bitcoin makes them unsuitable for financing essential city projects such as infrastructure, affordable housing, and education. 

The proposal, dubbed “Bitbond,” was introduced by Mayor Adams during his speech at the Bitcoin 2025 conference in Las Vegas, where he advocated for New York City to become a leader in crypto innovation. However, Lander highlighted that current federal tax laws prohibit the use of municipal bonds to purchase cryptocurrencies and that such a move could undermine investor confidence in the city's debt. 

This disagreement underscores a broader debate on the role of cryptocurrencies in public finance and may become a pivotal issue in the upcoming mayoral election, with both Adams and Lander positioning themselves on opposite sides of the crypto policy spectrum.Cryptonews