NYC Comptroller Slams Mayor Eric Adams’ Bitcoin Bond Plan as ‘Fiscally Irresponsible’

New York City’s Comptroller has dismissed a plan by Mayor Eric Adams to again municipal bonds with bitcoin

, calling it “legally dubious and fiscally irresponsible.”

Comptroller Brad Lander, who co-manages town’s debt issuance, rejected the proposal simply days after Adams pitched the so-called “BitBond” to a crowd at a bitcoin convention in Las Vegas.

“Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools,” Lander mentioned in a press launch. He added that such a transfer might shake investor confidence and run afoul of federal tax regulation.

The thought is a part of Adams’ broader push to place New York as a world crypto hub. Since taking workplace, he has transformed paychecks into crypto and launched a digital asset advisory council.

But Lander pushed again in opposition to the bond, which might use among the proceeds to purchase BTC. He argued that town’s borrowing system is grounded within the U.S. greenback, and any deviation would require mechanisms that town doesn’t have, like changing bitcoin into money for public spending.