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The New York City Comptroller has condemned Mayor Eric Adams’ proposed BitBond initiative as “fiscally irresponsible”
Concerns have been raised over transparency, volatility, and the use of public funds in crypto-linked ventures
The Comptroller has called for a halt to the project pending a full independent review

New York City Comptroller Brad Lander has issued a forceful condemnation of Mayor Eric Adams’ new BitBond initiative, describing it as “fiscally irresponsible” and “reckless with public trust.” The plan, which aims to use blockchain technology to issue city bonds, has been positioned by Adams as a forward-thinking step toward financial modernization. But Lander sees it differently, calling it an experiment that risks taxpayer money for the sake of hype.

Warnings of Risk and Lack of Transparency

Proposed by Mayor Adams last month, the BitBond project is pitched as a blockchain-based mechanism to issue municipal bonds more efficiently, potentially using tokenized assets or stablecoins to broaden investor access. Adams said it would make New York “a leader in financial innovation,” but critics say the plan was rushed, with no public consultation or financial risk assessment.

In a city still wrestling with housing costs, education cuts, and infrastructure needs, the idea of embracing crypto to fund public debt has struck a nerve. “This isn’t modernization—it’s a gamble,” Lander said during a press briefing. “The Mayor may want to be seen as the crypto mayor, but New Yorkers shouldn’t have to pay the price if it fails.”

Lander’s office confirmed it was not briefed on the program before it was announced. “That’s not how public finance should work,” he said. “When public money is on the line, we need more than buzzwords—we need diligence.”

Calls for Oversight and a Hard Pause

The Comptroller is now calling for an immediate halt to the BitBond rollout, urging the City Council to convene hearings and demanded an independent audit of the initiative’s development. “This city has real problems to solve,” Lander said. “We can’t afford to be distracted by digital gimmicks.”

For now, BitBond’s future is in limbo, and the clash between the city’s pro-crypto mayor and its fiscally cautious comptroller has thrown a sharp spotlight on how—and whether—crypto should intersect with civic responsibility.

The post New York City Comptroller Slams “Fiscally Irresponsible” BitBond appeared first on FullyCrypto.

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Filed under: Bitcoin - @ June 2, 2025 9:27 am