NYC Mayor Faces Scrutiny Over Omission of Crypto Disclosure

NYC Mayor Eric Adams will reportedly amend his financial disclosure form to include his ownership of cryptocurrencies. The statement comes after the media highlighted a discrepancy in the mandatory financial form.

The form was filed with the city Conflicts of Interest Board, revealing ‘no’ investments in Bitcoin and Ethereum.

NYC Mayor Adams to Correct Crypto Oversight

After taking office, Mayor Adams declared he converted his first three paychecks into Bitcoin and Ethereum. New York Daily News reported that the paychecks totaled approximately $30,000.

The report questioned why the mayor responded “no” to the question regarding ownership of securities and cryptocurrencies valued at $1,000 or more in the disclosure form.

In response, the mayor’s spokesperson, Fabien Levy, explained to the paper that Adams misunderstood the question. Levy said Adams did not include his crypto holdings because he believed he only needed to report securities, not currencies.

The form asks to reflect the value of crypto holdings at the end of 2022. Despite a market meltdown, Adams reportedly held crypto in the last quarter of the year.

Mayor Adams’ Support for Bitcoin

Mayor Adams has advocated for cryptocurrencies, particularly Bitcoin, and has shown a willingness to embrace them.

Last year, Adams made headlines for accepting his paychecks in Bitcoin and Ethereum, converting fiat into crypto via Coinbase. The mayor’s positive stance also led to the initiation of NYCCoin he vowed to make New York City more crypto-friendly.

At press time, NYC has lost 95% of its value since May 2022, based on CoinGecko data.

Additionally, Adams has opposed New York’s crypto mining bill, arguing that imposing restrictions on proof-of-work mining would hinder the city’s carbon-neutral goals. He has urged regulators to establish goals rather than implementing bans.

Crypto Disclosures in Public Office

As per reports, two of Adam’s close aides, Deputy Mayor of Public Safety Phil Banks and senior adviser Timothy Pearson, correctly disclosed their Bitcoin and Ethereum investments.

In their annual financial disclosures, Banks and Pearson specified the dollar value of their holdings. Pearson revealed owning less than 5% of a Bitcoin stake valued at a minimum of $60,000 at the end of 2022.

Banks declared holdings of at least $6,000 in Bitcoin and at least $5,000 in Ethereum.

Democratic presidential candidate Robert F. Kennedy Jr. also disclosed his family’s investment in Bitcoin, amounting to between $100,001 and $250,000, which has sparked a debate regarding potential conflicts of interest.