Brad Lander, New York City Comptroller, has officially dismissed Mayor Eric Adams’ proposal for Bitcoin-backed municipal bonds. He rejected the proposal by warning the concerned authorities that such a move would create financial risk and seriously affect investors’ confidence.
Despite strongly opposing the proposed bill, Brad Lander claimed that the plan is legally dubious and fiscally irresponsible. Political tension is escalating in the United States since Lander positioned himself against Mayor Eric Adams’ pro-crypto agenda and Bitbond proposal.
“The largest city in the United States will not issue Bitcoin-backed bonds during my term,” Says Brad Lander
The New York City comptroller, Brad Lander, rejected Mayor Eric Adams’ proposal to issue Bitcoin-backed municipal bonds. Lander’s denial and rejection of the proposal were based on Bitcoin’s price volatility and the associated financial risks that might threaten the fiscal health of New York City. He also emphasized that the move for Bitcoin-backed municipal bonds would create additional financial risks and seriously undermine investor confidence.
He stated that New York City would not be issuing any Bitcoin-backed bonds while he was in office. He mentioned that Mayor Eric Adams might be willing to gamble with the city’s future on cryptocurrency in exchange for a trip to Vegas, but his responsibility was to ensure the financial stability of the city. He expressed that cryptocurrencies were not sufficiently stable to finance the city’s infrastructure, affordable housing, or schools. He warned that proposing to open the city’s capital planning to crypto could expose it to new risks and undermine bond buyers’ trust in the city.
The Comptroller also mentioned that the ongoing regulatory ambiguities associated with the crypto landscape would further complicate the cryptocurrency adoption in official activities like municipal funding. As per the latest information from the official authorities, Mayor Adams remains committed and actively working to make New York City the central hub of cryptocurrency and blockchain technology. Eric Adams stated at the Bitcoin Conference 2025 that he believed they needed to have a Bitbond and that he was going to push and fight to get a Bitbond in New York so they could make those same bond investments in New York City.
Eric Adams, who is on the verge of facing re-election this November as an independent, didn’t respond to the news and comments floating around the corner. Brad Lender is the Democratic candidate for Mayor, and his recent approach related to Bitcoin-backed municipal bonds will play a major role and become an outcome-defining factor in the race.
Eric Adams’ Proposal for Bitcoin-backed municipal bonds: An Explanation
New York City Mayor Eric Adams officially announced that the NYC will issue a Bitcoin Bond at the 2025 Bitcoin Conference in Las Vegas. He commented by connecting the American flag to Bitcoin and stated that just as their flag still flies, Bitcoin was going to continue to fly in their country. He mentioned that New York City was going to lead the way and that they were going to be the leader because they knew the power of innovation and what innovation had to offer.
Eric Adams stated that it was time for the first time in the history of the city to have a financial instrument made for those who were holders of Bitcoin. He expressed his belief that they needed to have a Bit Bond and that he was going to push and fight to get a Bit Bond in New York. He concluded his speech by stating that they were going to use Bitcoin to pay off fines and taxes. He added that they were going to allow their young people to understand what it meant to be part of that industry.
Adams hasn’t provided any additional information regarding the proposal or how the proposed Bitcoin-backed municipal bonds function. However, we don’t have access to the structure of the proposed bond. The Bitcoin Policy Institute blog post shares a vague idea about the project; it states that the proposed structure allocates 90% of bond proceeds to conventional government funding operations and 10% to bitcoin acquisition.
They explained that this balanced approach maintains the traditional stability of Treasury instruments while providing strategic exposure to the growth potential of bitcoin. It also added that by leveraging America’s position as a global financial and technology leader, BitBonds offered multiple mechanisms to reduce the overall debt burden while strengthening the nation’s strategic position in the evolving monetary landscape. It also mentioned that BitBonds leveraged the administration’s leadership in positioning America as the world’s “bitcoin superpower.”