PANews reported on May 31 that according to Bloomberg, New York City Comptroller Brad Lander refuted Mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds. Brad Lander, who is jointly responsible for bond issuance with the Mayor's Office of Management and Budget, said that New York City will not issue Bitcoin-backed bonds during his tenure. "Cryptocurrency is not stable enough to fund our city's infrastructure, affordable housing or schools." "Proposing that New York City open its capital planning to cryptocurrencies could expose our city to new risks and undermine bond buyers' trust in our city." Brad Lander is a Democrat and the successor to Mayor Eric Adams in the November election. Eric Adams is currently running as an independent candidate.