Share this article
NYC Comptroller Slams Mayor Eric Adams' Bitcoin Bond Plan as 'Fiscally Irresponsible'
Brad Lander criticized Mayor Eric Adams' proposed "BitBond," saying it could jeopardize NYC’s credit reputation
May 31, 2025, 3:44 p.m.
What to know:
- 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
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
Top Stories
