Brad Lander rejects proposal for Bitcoin-backed municipal bonds, citing financial risks and volatility concerns
New York City Comptroller Brad Lander has decisively shut down Mayor Eric Adams’ proposal to issue municipal bonds backed by Bitcoin, marking a clear stance against integrating crypto into the city’s financial infrastructure.
Lander, who shares oversight of municipal debt issuance with the Mayor’s Office of Management and Budget, stated that NYC will not explore Bitcoin-backed bonds during his tenure. He raised red flags about the volatility of crypto assets, calling them unfit for funding essential public projects such as infrastructure, schools, and affordable housing.
"Opening our capital planning to crypto would expose the city to unnecessary risks and potentially shake the trust of bond investors," Lander warned.
The clash underscores growing political tension between the two leaders. While Adams has long championed crypto adoption and is now running for re-election as an independent, Lander remains cautious, emphasizing fiscal responsibility over experimentation.