New York Metropolis’s Comptroller has dismissed a plan by Mayor Eric Adams to again municipal bonds with bitcoin
BTC$104,598.40
, calling it “legally doubtful and fiscally irresponsible.”
Comptroller Brad Lander, who co-manages the 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 usually are not sufficiently steady to finance our metropolis’s infrastructure, reasonably priced housing, or faculties,” Lander stated 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.
However Lander pushed again in opposition to the bond, which might use among the proceeds to purchase BTC. He argued that the town’s borrowing system is grounded within the U.S. greenback, and any deviation would require mechanisms that the town doesn’t have, like changing bitcoin into money for public spending.
