NY Comptroller Rejects Mayor Adams’s Bitcoin Bond Plan

The Comptroller, who shares authority over the city’s debt issuance, stated unequivocally that no such financial instruments would be approved while he remains in office.

“Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools,” Lander said Thursday in a public statement. He further warned that introducing Bitcoin into the city’s capital planning could undermine investor confidence and introduce unnecessary risks.

The proposal, dubbed “BitBond” by Mayor Adams, was unveiled during his appearance at the Bitcoin 2025 conference in Las Vegas. Adams framed the idea as a way to position New York City as a national leader in crypto innovation, building on efforts such as the recent digital assets summit at Gracie Mansion and the formation of a digital assets advisory council.

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“If it grows in New York, it will cascade through the entire country,” Adams told the audience of Bitcoin enthusiasts.

Lander, a Democrat and a potential challenger in the upcoming mayoral election, dismissed the idea as “legally dubious and fiscally irresponsible.” He pointed to strict federal tax laws that restrict the use of tax-exempt municipal bonds, which cannot typically be used to acquire cryptocurrencies or generate excess profits from those assets.

The Comptroller also emphasized that New York currently has no mechanism to handle infrastructure funding in Bitcoin, nor the tools to convert Bitcoin into U.S. dollars within municipal operations.

As Bloomberg noted, Lander’s rebuttal underscores a deep divide within city leadership over the role of crypto in public finance. While Adams pushes to transform the Big Apple into the “crypto capital of the globe,” the city’s fiscal guardians remain deeply skeptical.

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