City Comptroller Brad Lander strongly criticized Mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds, deeming it legally dubious and fiscally irresponsible. Lander's analysis suggested that the 'BitBonds', originally intended for federal implementation, may not comply with federal tax laws and emphasized that New York City lacks mechanisms to handle Bitcoin transactions. He stated that such an initiative could destabilize city finances and undermine investors' trust, asserting that cryptocurrencies do not provide the stability necessary for funding essential city projects like infrastructure and affordable housing.
New York City will not be issuing any Bitcoin-backed bonds on my watch [...] Cryptocurrencies are not sufficiently stable to finance our City's infrastructure, affordable housing, or schools.
Lander found that the 'BitBonds' would likely not be viable for the city under federal tax laws, raising concerns about their legal feasibility.
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