New York City Comptroller Rejects Bitcoin-Backed Municipal Bonds Proposal

According to PANews, New York City Comptroller Brad Lander has dismissed Mayor Eric Adams' proposal to issue municipal bonds backed by Bitcoin. Lander, who shares responsibility for bond issuance with the Mayor's Office of Management and Budget, stated that the city will not issue Bitcoin-backed bonds during his tenure. He expressed concerns about the cryptocurrency's stability, deeming it insufficient to fund the city's infrastructure, affordable housing, or schools. Lander warned that opening the city's capital planning to cryptocurrency could expose New York City to new risks and undermine bond buyers' trust. Brad Lander, a Democrat, succeeded Mayor Eric Adams, who is currently running as an independent candidate, following the November election.