New York City Mayor Eric Adams attends a press conference on gun violence in the Chief Medical Examiner’s Office June 26, 2023.
Michael M. Santiago | Getty Images
New York City Mayor Eric Adams promised to rectify his annual financial disclosure form He filed a complaint with the Conflict of Interest Committee for failing to report his cryptocurrency holdings.
Asked if he owns securities such as stocks, bonds, ETFs, mutual funds, and cryptocurrencies with a market value of $1,000 or more, the mayor said “no” in the filing. A spokeswoman for the mayor told CNBC that Adams misunderstood the question and believed he was only referring to securities, so he omitted digital asset holdings.
“After further review of the statements, the mayor will amend the form to reflect his holdings at the end of 2022, even though the term ‘virtual currency’ itself clearly states that it is a currency and not a security. We plan to,” the spokesperson wrote. CNBC reported in an email on Friday.
It’s unclear how much Adams’ crypto holdings are worth. CNBC also asked if the mayor still receives all or part of his salary in bitcoin, but did not receive a response to that question.
Two of the mayor’s aides have both revealed their exact holdings in Bitcoin and Ether.
The mayor immediately accepted cryptocurrencies in 2021 after winning the election. Bitcoin It was racing toward an all-time high of nearly $70,000 per coin. Since then, the world’s largest cryptocurrency has fallen to trade near $31,500 amid a widespread slump in digital asset markets.
November 2021Adams said he will receive his first three mayoral salaries in Bitcoin. Adams remained bullish on cryptocurrencies, even as the sector plunged into the midst of a crypto winter in 2022. tell the press He continued to invest in cryptocurrencies.
Adams’ crypto-promoting platform was part of a politician’s effort to leapfrog Miami as one of the nation’s leading destinations for industry enthusiasts.
Miami Mayor Francis Suarez’s progressive crypto policies have drawn startups, ventures and cryptocurrency exchanges to Florida during the pandemic. Meanwhile, New York legislators have enacted some of the country’s strictest and most restrictive rules regarding the cryptocurrency industry.
In a similar revelation by Suarez, the mayor of Miami reported: Holding crypto assets By the end of 2022, the total was $71,321, according to documents obtained by the Miami Herald through the county elections office. Suarez, who receives his salary in Bitcoin using Jack Mullers’ Strike Wallet, also doubled his net worth to $3.4 million last year.
Suárez earns $130,000 a year, so it’s unclear whether he has converted some of his crypto holdings into fiat money or whether the bear market has reduced his mayoral income. CNBC reached out to Suarez’s team but did not receive a response.
