New York City Comptroller Brad Lander has strongly criticized Mayor Eric Adams’ proposal to back municipal bonds with bitcoin, calling the plan “legally dubious and fiscally irresponsible.”
Lander, who oversees the city’s debt issuance alongside other financial responsibilities, voiced his concerns just days after Adams introduced the “BitBond” concept at a bitcoin conference in Las Vegas.
“Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools,” Lander stated in a press release. He warned that adopting such a strategy could undermine investor confidence and potentially violate federal tax regulations.
The “BitBond” initiative is part of Adams’ broader vision to establish New York City as a global cryptocurrency hub. Since taking office, Adams has integrated crypto into city operations, including converting city employees’ paychecks into digital assets and creating a digital asset advisory council.
Despite this enthusiasm, Lander emphasized that the city’s borrowing framework is firmly anchored in U.S. dollars. Introducing bitcoin-backed bonds would require complex mechanisms—such as converting bitcoin proceeds into cash for public expenditures—that the city currently lacks.
