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NYC Comptroller Brad Lander Rejects Mayor Adams’ Bitbond Proposal – Citing Legal and Financial Flaws
NYC Controller Brad Lander Rejects Mayor Adams' Bitbond Proposal New York City Comptroller Brad Lander has rejected Mayor Eric Adams' proposal regarding the introduction of Bitcoin-backed bonds, also known as Bitbond. Lander called the proposed bonds flawed both legally and financially. The controversy surrounding the Bitbond idea is fueling the debate about the use of cryptocurrencies and their integration into traditional financial systems. Lander expressed concerns about the security and stability of the Bitcoin-backed bonds, which led him to scrap the proposal. Mayor Adams' push for possible financial growth and innovative...
NYC Comptroller Brad Lander Rejects Mayor Adams’ Bitbond Proposal – Citing Legal and Financial Flaws
NYC Controller Brad Lander rejects Mayor Adams' Bitbond proposal
New York City Comptroller Brad Lander has rejected Mayor Eric Adams' proposal to introduce Bitcoin-backed bonds, also known as Bitbond. Lander called the proposed bonds flawed both legally and financially.
The controversy surrounding the Bitbond idea is fueling the debate about the use of cryptocurrencies and their integration into traditional financial systems. Lander expressed concerns about the security and stability of the Bitcoin-backed bonds, which led him to scrap the proposal.
Mayor Adams' move, which wanted to focus on possible financial growth and innovative financing approaches, is now being criticized and raises questions about the city's future financial policy.
This incident highlights the challenges and risks associated with the use of cryptocurrencies in municipal financial management. Lander emphasizes the need to make fiscally responsible decisions for the good of the city and its citizens.