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By Francisco Rodrigues|Edited by Aoyon Ashraf
May 31, 2025, 3:44 p.m.
- NYC Comptroller Brad Lander said the city won’t issue bitcoin-backed bonds, citing legal and fiscal risks.
- Mayor Eric Adams had pitched the “BitBond” during a bitcoin conference as part of a broader crypto push.
- Lander said federal tax law and city finance rules make the proposal unworkable.
New York City’s Comptroller has dismissed a plan by Mayor Eric Adams to back municipal bonds with bitcoin
, calling it “legally dubious and fiscally irresponsible.”
Comptroller Brad Lander, who co-manages the city’s debt issuance, rejected the proposal just days after Adams pitched the so-called “BitBond” to a crowd at a bitcoin conference in Las Vegas.
STORY CONTINUES BELOW
“Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools,” Lander said in a press release. He added that such a move could shake investor confidence and run afoul of federal tax law.
The idea is part of Adams’ broader push to position New York as a global crypto hub. Since taking office, he has converted paychecks into crypto and launched a digital asset advisory council.
But Lander pushed back against the bond, which could use some of the proceeds to buy BTC. He argued that the city’s borrowing system is grounded in the U.S. dollar, and any deviation would require mechanisms that the city doesn’t have, like converting bitcoin into cash for public spending.
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
