NYC Comptroller Deems Mayor Adams’ Bitcoin Bond Plan Financially Reckless

New York City Comptroller Brad Lander has sharply criticized Mayor Eric Adams’ plan to issue municipal bonds backed by bitcoin, describing the proposal as both “fiscally irresponsible” and “legally dubious.”

Lander, who oversees the city’s debt issuance, expressed his concerns shortly after Adams unveiled the “BitBond” concept at a bitcoin conference in Las Vegas. The plan envisions using bitcoin to support new bond offerings aimed at funding city projects.

“Cryptocurrencies lack the stability needed to finance essential city services like infrastructure, affordable housing, and education,” Lander said in a statement. He also warned that such a strategy could undermine investor confidence and may conflict with federal tax regulations.

Adams has made crypto a key part of his agenda since taking office, including converting city employee paychecks into digital assets and forming a digital asset advisory council. However, Lander stressed that the city’s borrowing framework is rooted in the U.S. dollar, and any move to integrate bitcoin would require financial infrastructure and safeguards that are currently absent.