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New York City Comptroller Brad Lander rejected Mayor Eric Adams’s proposal to issue municipal bonds backed by Bitcoin, even going as far as tagging it “irresponsible.”

Lander has been adamant that New York City will not issue Bitcoin-backed bonds on his watch. His stance directly opposes Mayor Adams, who is famous for his love of crypto.

The division on the topic could be settled when the city heads to the polls, as both men are candidates for November’s mayoral election. Mayor Adams is running as an independent, and Lander is the Democratic candidate.

Caught up with @NBCNewYork this morning to call out @andrewcuomo for his absurd attempts to rewrite history on his abysmal labor record. I fought DoorDash to deliver a $21 minimum wage, while Cuomo is taking $1M bribes to do their bidding. pic.twitter.com/zrdP5d8FpY

— Brad Lander (@bradlander) May 28, 2025

Mayor Adams’ crypto plans may stall if he does not return to office

Mayor Adams has been campaigning to make New York City a hub for crypto in the near future and has even set up an advisory council to that end.

However, if he is unable to keep his seat as mayor, and a man who believes “Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools,” takes over, there’s no telling what will happen to the things Mayor Adams sets in motion.

Lander also believes that “Proposing that New York City should open its capital planning to crypto could expose our city to new risks and erode bond buyers’ trust in our city.”

Mayor Adams talked about his Bitbond proposal on Wednesday at the Bitcoin 2025 conference in Las Vegas, a speech that came a week after he hosted New York City’s inaugural crypto and digital assets summit at Gracie Mansion.

At the event, he reiterated his pledge to make New York City the “crypto capital of the globe” and announced the creation of a digital assets advisory council to “bring fintech jobs and investment right here to the Big Apple.”

Lander called Mayor Adams’s proposal “legally dubious and fiscally irresponsible,” adding that “the current Federal Tax Law regime would most likely neither permit tax-exempt financing for acquiring cryptocurrency nor permit investment gains in excess of the federally subsidized financing costs.”

Lander does not buy the crypto hype

While politicians like Adams, Francis Suarez, Cynthia Lummis, Andrew Yang, Tom Emmer, Pat Toomey, Ron DeSantis, and Kirsten Gillibrand have all taken a pro-crypto stance, others are either indecisive or suspicious of crypto.

Aside from Lander, another famous critic of crypto is Elizabeth Warren. She is outspoken as a crypto critic and is famous for introducing the Digital Asset Anti-Money Laundering Act of 2023, which aimed to impose strict regulations on crypto transactions to curb illicit activities.

She believes crypto is a “preferred tool” for terrorists, drug traffickers, and money launderers, and has made many other interesting claims.

Warren’s stance on crypto is shared by Bernie Sanders and both of them have also worked together on regulations to restrict banks’ engagement with crypto, arguing it lacks “real public purpose” and primarily benefits speculators while causing financial losses for others. Sanders also supports measures to limit crypto’s environmental and economic impacts.

These politicians who seem to be anti-crypto all share concerns about the industry’s volatility, potential for criminal use, environmental impact, and lack of consumer protections.

Lander’s unenthusiastic response to Bitbonds reflects a cautious stance that aligns with broader Democratic skepticism about crypto’s stability and public utility.

Landers and the other anti-crypto politicians have been pushing for stricter regulations in hopes that it will address perceived gaps in oversight, a concern Lander echoed in his critique of Bitbonds’ legal viability.

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According to BlockBeats, officials from the U.S. Department of the Treasury have reported that U.S. customs revenue reached a record $23 billion in May. This marks an increase of $17 billion compared to the previous year, nearly quadrupling the growth rate.

Key Points:U.S. Senate advances GENIUS Act with a 68–30 vote, moving it to full debate.Bill aims to establish stablecoin regulations and support U.S. crypto innovation.Opposition centers around concerns over Trump-linked crypto platforms and loopholes.The U.S. Senate has voted 68–30 to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), pushing the landmark stablecoin bill one step closer to becoming law. The vote clears the way for full Senate debate, followed by potential passage and consideration in the House of Representatives.Introduced earlier this year, the GENIUS Act is designed to create a federal framework for stablecoins, aiming to strengthen the United States' position as a global leader in digital asset innovation.Senate leadership backs stablecoin regulation pushSenate Majority Leader John Thune, speaking on the Senate floor Wednesday, urged bipartisan support for the bill. He echoed U.S. President Donald Trump’s policy stance, emphasizing that the GENIUS Act could help the U.S. become the “crypto capital of the world.”“We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune said.The Senate vote to invoke cloture ensures that the bill will move forward to debate. If passed, it will proceed to the House, where it could be aligned with the CLARITY Act, a broader crypto market structure bill currently advancing through House committees.Opposition focuses on Trump ties and regulatory gapsMassachusetts Senator Elizabeth Warren voiced strong opposition, warning that the bill contains loopholes and insufficient protections for consumers and financial markets.Warren also raised ethical concerns about former President Trump’s connection to World Liberty Financial, a crypto platform reportedly backed by members of his family. She accused Trump of using the platform and his associated memecoin to trade access and political favors for money and influence.“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” Warren stated.She also criticized the Senate for not voting on key bipartisan amendments that could have strengthened the bill’s safeguards.What’s next for the GENIUS Act?With full Senate debate expected in the coming days, the GENIUS Act marks a pivotal moment in U.S. digital asset regulation. If passed, it would become the country’s first stablecoin-specific legislation, offering clearer rules for issuers and financial institutions.However, with continued political divisions and controversy over Trump’s crypto involvement, the bill’s final outcome remains uncertain.

According to Foresight News, the White House has declined a proposal from House Republicans and Democrats to include a conflict of interest clause in the CLARITY Act during crucial negotiations on Tuesday evening. The clause aimed to restrict senior political figures, including U.S. President Donald Trump, the Vice President, members of Congress, and their families, from engaging in cryptocurrency activities during their terms. Democrats sought to prevent President Trump from profiting through cryptocurrency, while Republicans wanted to avoid the clause being perceived as a direct criticism of Trump. As of now, no consensus has been reached, and the White House, along with Republicans, is working on drafting an alternative solution.

According to Foresight News, the White House has declined a proposal from House Republicans and Democrats to include a conflict of interest clause in the CLARITY Act during crucial negotiations on Tuesday evening. The clause aimed to restrict senior political figures, including U.S. President Donald Trump, the Vice President, members of Congress, and their families, from engaging in cryptocurrency activities during their terms. Democrats sought to prevent President Trump from profiting through cryptocurrency, while Republicans wanted to avoid the clause being perceived as a direct criticism of Trump. As of now, no consensus has been reached, and the White House, along with Republicans, is working on drafting an alternative solution.

According to PANews, BlackRock has acquired 3% of the total Bitcoin supply, positioning itself as one of the largest institutional holders of the cryptocurrency. This development was reported by Cointelegraph, highlighting BlackRock's significant investment in the digital asset market. The move underscores the growing interest and involvement of major financial institutions in cryptocurrencies as they seek to diversify their portfolios and capitalize on the potential of digital currencies.

According to CoinMarketCap data, the global cryptocurrency market cap now stands at $3.25T, up by 0.31% over the last 24 hours.Bitcoin (BTC) traded between $103,500 and $105,326 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $104,976, up by 0.10%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include FUN, BMT, and LQTY, up by 24%, 15%, and 10%, respectively.Top stories of the day:Crypto Funding Rates Signal Neutral-to-Bearish Market Sentiment on June 18 Bitcoin Accumulator Strategy Outperforms Dollar-Cost Averaging Since 2023, Research ShowsBank of England Maintains Policy Rate at 4.25% Nauru Establishes Virtual Asset Regulatory Authority to Boost Digital Economy Bitcoin's Ancient Supply Growth Surpasses Daily Production Cryptocurrency Derivatives Risk Index Remains Stable Sol Strategies Plans Nasdaq Listing with SEC Filing Ohio's Bitcoin Rights Bill Advances to Senate for Review UK to Propose New Crypto Asset Regulations for Banks by 2026 Fed Chair Powell Sees No Immediate Concern in Cooling Labor MarketMarket movers:ETH: $2530.08 (-0.20%)XRP: $2.1602 (+0.06%)BNB: $645.14 (-0.75%)SOL: $145.77 (-1.49%)DOGE: $0.17034 (-0.02%)TRX: $0.2749 (+0.77%)ADA: $0.6006 (-2.01%)WBTC: $104927.91 (+0.05%)TRUMP: $9.34 (-1.06%)BCH: $465.3 (-1.17%)