What to know:
- Our esteemed NYC Comptroller, Mr. Brad Lander, has declared that the city shall not issue bonds backed by the whimsical Bitcoin, citing both legal and fiscal perils. 😅
- Mayor Eric Adams, in a moment of unrestrained enthusiasm, proposed the “BitBond” at a rather extravagant bitcoin conference, as part of his grand vision for a crypto-infused future. 💸
- Mr. Lander, with a furrowed brow, has pointed out that federal tax law and the city’s own financial regulations render this proposal utterly unworkable. 🙄
In a most audacious display, New York City’s Comptroller has cast aside Mayor Eric Adams’ plan to underwrite municipal bonds with the capricious Bitcoin, deeming it “legally dubious and fiscally irresponsible.”
Mr. Lander, who shares the weighty responsibility of managing the city’s debt issuance, swiftly rejected this proposal mere days after the Mayor had extolled the virtues of the so-called “BitBond” to an audience in the glittering city of Las Vegas. One can only imagine the raucous laughter that ensued! 😂
“Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools,” Mr. Lander proclaimed in a press release, as if he were delivering a most serious lecture to a room full of wayward schoolchildren. He further warned that such a venture could rattle investor confidence and contravene federal tax law. Oh, the scandal! 😱
This notion is but a fragment of Mayor Adams’ broader ambition to elevate New York as a preeminent global crypto hub. Since his ascension to office, he has taken the rather bold step of converting paychecks into crypto and has even established a digital asset advisory council. How very modern! 🧐
Yet, Mr. Lander has firmly resisted the allure of the BitBond, which might have utilized some of the proceeds to procure BTC. He contended that the city’s borrowing system is firmly anchored in the U.S. dollar, and any deviation would necessitate mechanisms that the city, alas, does not possess—such as the ability to convert Bitcoin into cash for public expenditure. A most unfortunate oversight! 😅
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2025-05-31 18:55